Saturday, June 15, 2024

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    Turkiye Ranks Second in Russian Imports, Aiming for a $100 Billion Trade Turnover

    Turkish President Erdogan's Vision for Expanding Trade with Russia Takes Shape

    In a significant development, Türkiye has secured the second position in terms of goods supplied to Russia, trailing only behind China. This announcement comes from Ruslan Davydov, the acting head of the Federal Customs Service of the Russian Federation, confirming the assertions made by Turkish President Recep Tayyip Erdogan regarding the remarkable growth in trade turnover. During a meeting with Russian President Vladimir Putin in Sochi, President Erdogan revealed that the mutual trade turnover between the two nations stands at $62 billion, with ambitious plans to elevate this figure to an impressive $100 billion within a year.

    Davydov provided insights into this burgeoning trade relationship, stating, “Turkey is performing exceptionally well, currently ranking second in terms of imports.” He further elucidated that the primary suppliers to the Russian Federation presently are China and Türkiye, with imports from Eurasian Economic Union countries also on the rise. According to the Russian publication Izvestia, on September 6, Chinese Ambassador to Russia Zhang Hanhui expressed optimism that China aims to achieve a remarkable trade turnover of $200 billion with Russia by the end of 2023.

    Responding to inquiries regarding the impact of new restrictions imposed by Ankara, aimed at bolstering control over sanctioned goods, on trade turnover, Davydov remarked, “Our trade turnover with Turkey is actually growing this year, with imports surging by an impressive 60%. So, overall, things seem to be on the right track.” He noted that there exists a streamlined customs corridor between Russia and Türkiye, primarily focused on processing fruit and vegetable products. This year has witnessed a growth rate of approximately 30% compared to the previous year.

    Davydov underlined that trade with so-called “friendly countries” constitutes approximately 75% of Russia’s total trade. He also emphasized a noteworthy shift in trade dynamics, stating, “Currently, the emphasis is on Asia, with 420 million tons and $275 billion in trade recorded in the first eight months of this year. What used to flow through Western channels now predominantly traverses Eastern routes.”

    It’s worth recalling President Erdogan’s stance at the G20 summit, where he emphasized the impracticality of initiatives to resume grain exports via Ukrainian Black Sea ports, which would potentially isolate the Russian Federation. Instead, he advocates cooperation and collaboration with Russia.

    The recent meeting between the Presidents of Türkiye and Russia in Sochi has resulted in discussions surrounding the potential renewal of a grain agreement. This initial conversation serves as a precursor to potential negotiations and the development of a new agreement. Vladimir Kravchenko delves into the intricacies of the Sochi negotiations and their implications in the article “Grain Agreement in a New Light? Will Ukraine Extend Olive Branch to Dear Friends Putin and Erdogan.”

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