Representatives from Turkey and Kyrgyzstan recently signed a memorandum of understanding to increase trade volume between both countries to $1 billion, the Turkish American Chamber of Commerce & Industry said.

The agreement was reached during the Eighth Turkey-Kyrgyzstan Joint Economic Commission in Bishkek, Kyrgyzstan.

Deputy Prime Minister of Turkey Numan Kurtulmus said the agreement would help improve economic relations between the two countries. Trade between the countries increased by 40.5 percent in 2013, with trade volume reaching $425.3 million. Turkish exports reached $388.3 million while only $37 million came as imports from Kyrgyzstan in 2013. Up until Oct. 2014, the Turkish American Chamber reported a 14.2 percent increase in trade volume between the two countries.

Turkey was the first nation to recognize Kyrgyz independence, and the two countries share many cultural ties.

“We feel that we have come to our country when we come to Kyrgyzstan, and we know that you feel the same thing when you come to Turkey,” Kurtulmus said.