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Russia, Turkey plan to triple trade to $100 billion

November 26, 2014, 17:23 UTC+3 MOSCOW
“We are taking all effort to increase the trade between our countries from $33 billion to $100 billion,” Turkish Minister of Energy and Natural Resources Taner Yildiz said
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Turkish Minister of Energy and Natural Resources Taner Yildiz

Turkish Minister of Energy and Natural Resources Taner Yildiz

© ITAR-TASS/Valery Sharifulin

MOSCOW, November 26. /TASS/. Russia and Turkey plan to triple trade and bring it to $100 billion, said visiting Turkish Minister of Energy and Natural Resources Taner Yildiz who co-chairs Russian-Turkish inter-governmental commission.

“We are taking all effort to increase the trade between our countries from $33 billion to $100 billion,” he said.

Meanwhile, Energy Minister Alexander Novak who chairs the bilateral commission from Russia noted that Turkey was one of main partners for Russia. Meanwhile, settlements in rubles have doubled for the last three years.

The Russian minister marked development of bilateral ties in farming produce supplies. “For the last nine months, these supplies have grown about sixfold as compared with the same period of the previous year,” he said.

Tourist inflow has also increased for the past year. More than four million Russians visited the country in 2013.

Turkey hopes to nearly triple food export to Russia up to $3 billion in 2015 as compared with 2013, if customs duties are reduced, chairman of the country’s Cereals, Pulses, Oil Seeds and Products Exporters Association Zekeriya Mete told TASS earlier.

Turkish farm produce export in Russia has made $1.2 billion in 2013, he said. The country is potentially ready to raise it to $3-4 billion annually in 2015-2016.

The expert also noted that annual bilateral trade would reach $33 billion, but Russian supplies in Turkey accounted for $27 billion of this sum. Meanwhile, Turkey buys Russian grain worth $1 billion annually ($3 million tons) that is comparable to reciprocal Turkish food supplies in Russia.

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