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Russia Turkey Trade Agreements

Turkey and Russia want to increase their trade volumes to $100 billion, a goal set by both leaders. Turkey`s share of Russia`s foreign trade has also risen sharply. As of 2007, Turkey is the 4th largest exporting country in Russia, with a share of about 5%. Russian imports from Turkey also increased to $4.3 billion in the first 11 months of 2007. Turkey and Russia have signed an agreement to increase the use of local currencies – the Turkish lira and the Russian ruble – in bilateral trade, the Russian Finance Ministry said on Tuesday. The issue of the use of national currencies in trade, especially bilateral trade, has been the subject of several discussions between Russia and Turkey. Therefore, despite old and new tensions, Ankara and Moscow will be driven by the desire to act in partnership in order to create synergies and maintain their efforts and resources. „Since the 1990s, economic cooperation has been the pillar of bilateral relations between our countries,“ he said. Erdoğan confirmed that Turkey and Russia will sign three documents, which will be a step forward for the future of both countries. In addition to increasing bilateral trade, Turkey welcomed millions of Russian tourists last year. „We set a record last year by welcoming 6 million Russian tourists,“ Erdoğan said. Last year, Russia was the best market in the Turkish tourism sector with 5.96 million visitors; about 15.1 percent of all foreign visitors to Turkey. the President also stressed the importance of economic relations between the two countries.

Putin added that the volume of Turkish-Russian investment has reached $20 billion. . . .

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