Turkey, Russia target $100 bln-trade volume in five years

Erdogan said Turkey and Russia agreed on a joint target to increase trade volume to 100 billion USD in the next five years.

Turkey, Russia target $100 bln-trade volume in five years

Turkish Prime Minister Recep Tayyip Erdogan said on Wednesday Turkey and Russia agreed on a joint target to increase trade volume to 100 billion USD in the next five years.

At a joint news conference with Russian Prime Minister Vladimir Putin, Erdogan said that energy trade constitutes the key portion of economic relations between the two countries.

"Our partnership will be stronger after our natural gas cooperation further advanced with joint works on crude oil and nuclear power," Erdogan said.

Russia is the biggest trade partner of Turkey, while Turkey is the seventh biggest for Russia. Trade between the two countries reached its top level in 2008, however, recent global economic crisis led to a decline in trade.

Erdogan said Turkey and Russia would increase efforts to boost economic relations. He said Turkey and Russia was also working on a joint oil refinery.

"This will be one of our most important steps to be taken in energy cooperation," Erdogan said.

Erdogan also said that Russian President Dmitry Medvedev would pay a visit to Turkey in a few months, probably in May or June.

Following the press conference with Putin, Erdogan departed from Moscow to return to Turkey.


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Last Mod: 14 Ocak 2010, 11:38
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