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Turkey unveils Russia’s trade plans


The two countries are expected to increase their annual turnover to 100 billion dollars

Turkey and Russia have signed a roadmap for economic cooperation that plans to raise bilateral trade turnover to $100 billion a year, Turkish President Recep Tayyip Erdogan told reporters on Saturday.

During our bilateral meeting, we exchanged views on further developing our trade and economic cooperation… Our trade target is $100 billion. In this regard, we want to develop our cooperation in areas such as energy, trade, tourism and agriculture. We are determined to ensure a more balanced bilateral trade volume.

A memorandum of understanding, a sort of roadmap for our trade and economic relations, was signed in Sochi by our Minister of Commerce and Russian Deputy Prime Minister Alexander Novak“, Erdogan told reporters in Ankara on his return from Sochi, where he met Russian President Vladimir Putin.

Turkey and Russia have also agreed to introduce the Russian ruble as a currency for bilateral trade, Erdogan said.

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We agreed on the ruble as [monetary] commercial unit. Since we will trade in rubles, this will of course be a serious source of income for Turkey and Russia. In addition, there is the ‘Mir’ card [Russian analogue of Visa]. Five of our banks currently accept it. There is very serious progress in this file, which will eventually improve the conditions for tourists from Russia. They will be able to run errands and pay for hotels“, Erdogan said.

According to the Turkish President, during his visit to Russia, representatives of the central banks of the two countries held talks on strengthening mutual cooperation. He, however, did not specify what was specifically discussed at the meetings.

On Friday, Putin and Erdogan spent more than four hours discussing a wide range of issues, from Ukrainian grain exports and trade cooperation to Russian gas exports.

They agreed to “meet halfwayregarding the two countries’ trade and energy needs, according to the joint statement. After the talks, the Russian president praised the fact that trade volumes between Russia and Turkey are growing steadily, having soared nearly 60% last year and doubled in the first five months of 2022 .

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