Trade with Rus­sia should reach $100B: of­fi­cial

Dünya Executive - - BUSINESS -

Trade be­tween Turkey and Rus­sia should reach $100 bil­lion tar­get of the coun­tries’ lead­ers “as soon as pos­si­ble,” Turkey’s trade min­is­ter said on July 26. The value of bi­lat­eral trade has dropped from $33.3 bil­lion in 2012 to $25.7 bil­lion in 2018, Ruh­sar Pek­can told the Turkey-Rus­sia Eco­nomic Coun­cils’ 20th Joint Meet­ing in the Mediter­ranean re­sort city of An­talya.

Turkey’s ex­ports to the coun­try

to­taled $3.4 bil­lion, while its im­ports were $22.3 bil­lion, Pek­can said, un­der­lin­ing that trade be­tween the coun­tries should be bal­anced. “There is se­ri­ous po­ten­tial [be­tween Rus­sia and Turkey], the gov­ern­ments are ready to pro­vide all sup­port to busi­ness­peo­ple,” she said. Rus­sia im­ports house­hold ap­pli­ances, freez­ers, con­struc­tion ma­te­ri­als, fur­ni­ture, ready-made clothes, and medicine from the world, Pek­can un­der­lined. “Turkey ex­ports all of these prod­ucts to the world at the most com­pet­i­tive prices.”

Urg­ing the use of lo­cal cur­ren­cies to boost trade, she noted that Rus­sia makes 12 per­cent of its ex­ports and 0.5 per­cent of its im­ports this way. “We ex­pect Rus­sia to con­trib­ute to grow­ing trade through lo­cal cur­ren­cies,” she noted. The two coun­tries’ bi­lat­eral in­vest­ments are cur­rently around $20 bil­lion, she added, stress­ing that there is a large po­ten­tial in this area as well.

Laud­ing Rus­sian Pres­i­dent Vladimir Putin’s de­ci­sion to lift visa re­quire­ments for Turk­ish hold­ers of cer­tain pass­ports, Pek­can called for a re­turn to the visa-free regime of 2015.

For his part, Rus­sian En­ergy Min­is­ter Alexan­der No­vak said trade be­tween Turkey and Rus­sia in the first five months of 2019 to­taled $10 bil­lion. There is a greater po­ten­tial be­tween the two coun­tries, which en­joy good re­la­tions, he added. But their bi­lat­eral in­vest­ment of $20 bil­lion falls short, he noted.

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