Global Economy News

Erdoğan's emphasis on bringing trade with Russia to 100 billion dollars

Turkish President Recep Tayyip Erdogan announced on Wednesday that Ankara and Moscow will continue to strengthen their economic relations with the aim of increasing annual turnover to 100 billion dollars, according to Tasnim news agency, citing Rashatoudi.

He made these comments during a meeting with Russian President Vladimir Putin during the Shanghai Cooperation Organization (SCO) summit in Astana, the capital of Kazakhstan.

Erdogan said: Currently, the volume (trade between Russia and Türkiye) is 55 billion dollars.

Putin also announced that the relations between the two countries have been continuously developing despite the complicated world conditions.

He said that Moscow and Ankara are pursuing major joint projects as planned, adding that “there is no problem” in this regard.

In 2023, the two presidents agreed to encourage mutual investment and help Russian and Turkish businesses enter each other's markets.

It was also agreed to introduce the Russian ruble as the settlement currency in bilateral trade, including payments for the supply of Russian natural gas.

Following the imposition of Western sanctions against Moscow, trade between the two countries increased to more than $62 billion in 2022.

According to the report, trade volume between Turkey and Russia has decreased slightly due to the threat of secondary sanctions from the United States that followed the halt in the flow of products such as industrial machinery and spare parts.

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Mhd Narayan

Bringing over 8 years of expertise in digital marketing, I serve as a news editor dedicated to delivering compelling and informative content. As a seasoned content creator, my goal is to produce engaging news articles that resonate with diverse audiences.

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