The Russian government began to remove restrictions from trade ties with Turkey

А.В. Улюкаев

The Ministry of economic development and the Ministry of economy of Turkey to 09 August 2016 (the presidents) will develop a number of measures for the return of the trading partnership as of November 24, 2016, but on new grounds.

“We set the task to recover all that the best in our trade-economic, investment relations and to go further”, – summed up the negotiations, Alexey Ulyukaev (Minister of economic development).

According to a press release of the Ministry, “the main reason for the reduction of Russian exports is the fall in world prices for hydrocarbons and metals… the Reason for the decline of imports from Turkey was including a ban on the import into the Russian Federation from 1 January 2016, a number of agricultural products of Turkish origin. In addition, 24 Nov 2015, according to media reports, Turkish air force shot down a Russian su-24 bomber.

In January-may 2016 the trade turnover between Russia and Turkey fell by 42.8% to $6.1 billion by 2015

The relationship will be restored on the basis of mutual benefit, parity and continuity. Already lifted restrictions on tourism in Turkey. The Russian side in the framework of the new agreement, would like to export Russian meat and milk, as well as to guarantee the security of the Turkish products imported to the Russian market, in the case of the abolition of the ban on their importation.

The Russian-Turkish intergovernmental Commission activities and the negotiation process will be restarted in following areas: Agreement on trade in services and investment project of the Russian-Turkish joint investment Fund, Medium-term program of trade-economic, scientific-technical and cultural cooperation for the years 2016-2019.

The Minister of Economy of Turkey Nihat Zeybekci said: “we need to restore lost as quickly as possible”.

Sources: Russian Ministry of Economy and Development, Ria.