Russia, Turkiye Plan To Increase Bilateral Trade To US$100 Billion

The Russian President Vladimir Putin has met with Turkish President Recep Erdogan in Astana on the sidelines of the Shanghai Cooperation Organisation annual Heads of State meetings, with both sides also engaging in trade development talks. Current bilateral trade is running at about US$55 billion, with Alexei Yerkov, the Russian Ambassador to Turkiye, also present at the discussions, later stating that “Our two countries are aiming for US$100 billion in trade, a huge, but attainable number. Turkiye is a crucial trade partner for Russia over a wide range of industries. While construction is a trade lynchpin there is still room for more.”

Putin said that “All our large bilateral projects are being implemented on schedule. There are no delays. I would like to note that in 2023 the Russian tourist flow in Turkiye reached a record high with 6.3 million of our tourists visiting Turkiye. I would like to express my gratitude for the conditions the country has created for Russian tourists.”

Erdogan stated that “I can refer to the Akkuyu Nuclear Power Plant, which we are building together. We hope to put it into operation in the nearest future. With that, we have had contacts regarding the construction of another nuclear power plant in the city of Sinop. I believe we can and we will make serious steps. I want to point out that the Turkish Ministry of Energy and Natural Resources continues its contacts with colleagues in Russia. Following their meetings, I want to note that Botas and Gazprom continue their contacts.”

Turkiye is also interested in joining the BRICS group and will almost certainly be sending a delegation to Kazan in October, where the BRICS Heads of State annual conference will be held. Interestingly, about 50% of Kazan’s population are ethnically Turkic, with Tatarstan attracting about 25% of all Turkish investment into Russia. We previously discussed Turkiye’s trade with the BRICS members here.

Erdogan also invited Putin for a state visit to Turkiye, with this likely to take place in the autumn.