Turkey and Russia have signed a new cooperation protocol, laying out a roadmap for their economic relationship in the coming years.
The two countries aim to increase their trade volume to $100 billion, with a focus on deepening collaboration in energy, agriculture, industry, tourism, construction, transportation, and customs.
Meetings held in Ankara over the past two days covered cooperation in energy, tourism, investment, and the 18th session of the joint economic and trade committee.
The cooperation protocol was signed by Turkish Trade Minister Mehmet Muş and Russian Deputy Prime Minister Alexander Novak.
Muş expressed both countries’ desire to elevate their relationship through the implementation of the protocol’s provisions, encompassing diverse areas such as trade, customs, energy, agriculture, industry, standardization, transportation, tourism, and construction.
The Turkish minister described the protocol as a roadmap defining the future course of economic relations between Turkey and Russia.
He highlighted the agreement to increase the use of the Turkish Lira and the Russian Ruble in their trade exchanges.
Exports from Turkey to Russia in Turkish Lira have risen by approximately 400%, while imports in Lira and Ruble have increased by 150% and 260%, respectively.
Muş revealed a slight decrease in trade volume in the energy sector due to global variables, noting that trade between the two countries reached a record $68 billion in 2022.
He expects the year’s end to see approximately $11 billion in Turkish exports and $46 billion in Russian exports, totaling $56 billion.
The two sides are committed to boosting their trade volume to $100 billion, as discussed in the joint economic committee meeting chaired by Turkish Vice President Fuat Oktay and Russian Deputy Prime Minister Alexander Novak.
During the meeting, both parties explored areas of energy, investment, and tourism, emphasizing the importance of diversifying mutual investments, especially in enhancing port infrastructure, expediting export processes, and diversifying exported goods.
Novak commented that discussions were transparent and constructive, leading to the identification of future cooperation issues and narrowing differences in bilateral cooperation areas. He mentioned the ongoing progress in all areas of cooperation between Russia and Turkey.
Novak revealed expectations for an agreement on establishing a natural gas hub in Turkey, based on previous discussions between Presidents Recep Tayyip Erdogan and Vladimir Putin. He expressed confidence that practical implementation agreements for this project would be reached soon.
Putin proposed the idea of a Russian gas hub in Turkey last year as a means to compensate for lost sales to Europe due to the war in Ukraine.
Turkey welcomed the idea, aiming to become an energy corridor from the Caucasus and the Middle East to Europe.
Despite the emphasis by both sides on moving forward with the project, discussions have not made significant progress, with disagreements over who should manage the center causing delays in its implementation.
