Turkish Russian Economic Relations

  • 17 April 2018
  • Turkey

The volume of trade between Turkey and Russia will continue to grow steadily in the coming years in return for a decline in trade with the European Union, Turkish economist Shahin Yaman said, noting that the Russian Federation is an important market for Turkish goods, services and investments.

In an interview with Sputnik, Yaman said Turkish-European goods, services and investment markets are still important for Turkey in the near future, but Europe's relative share of the Turkish market would be significantly reduced before reaching its fixed status. On the other hand, trade between Turkey and Russia is expected to grow.

Turkish President Recep Tayyip Erdogan, announced yesterday at a conference with his Russian counterpart that the volume of trade with Russia rose by 32 percent, exceeding 22 billion dollars, and the goal of the two countries to reach 100 billion dollars.

Yaman pointed out that Russia is an important channel for Turkish goods, services and investments and an important channel for cooperation with third parties, especially with other members of the fastest growing BRIX countries in the world, where Russia plays an important role within the group.

The Turkish expert identified areas of potential growth in trade and economic cooperation between Turkey and Russia in the energy, environment, machinery, transport, chemical manufacturing, advanced metal industries as well as cooperation in artificial intelligence.

The current geopolitical situation provides Russia and Turkey with all the domestic and international conditions necessary to enhance their cooperation in strategic sectors such as defense, aerospace, aviation and related civil industries, he said.

Yaman called for tackling the trade imbalance in goods and services between Russia and Turkey, saying it could further support future political cooperation between the two countries and would have global implications.

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