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Tuesday, January 23, 2018

Russia, Turkey discuss options to improve trade relations

Russian Economic Development Minister Alexei Ulyukayev

Russian Economic Development Minister Alexei Ulyukayev said Russia and Turkey are considering options to boost trade between both countries, the Eurasian Development Bank said Friday.

“We were discussing the issue of preferential trading regimens,” Ulyukayev said. “Creation of a free trade zone is the mechanism that is to make allowances for Turkey’s participation in the EU Customs Union and for Russia’s membership of the Eurasian Economic Union -- there are certain restrictions, so we are looking for a machinery that would ensure the liberalization of trading relations and create the proper legal framework for this," Ulyukayev said.

Having legal ground that facilitates trade between the two nations is something that could benefit both countries.

Both countries agreed to an addendum that would allow the lifting of existing barriers during Russian President Vladimir Putin's most recent visit to Turkey. Ulyukayev and Turkish Customs and Trade Minister Nurettin Chanikli agreed to oversee the implementation of the addendum.

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Eurasian Development Bank

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