30 Jul 2021 18:57

Russia, Turkey hope to boost trade turnover 50% in 2021, develop new spheres

MOSCOW. July 30 (Interfax) - Trade turnover between Russia and Turkey reduced to $20 billion in 2020 due to the impact of the pandemic, but it was already 40% higher than a year previously in H1 2021, Deputy Russian Prime Minister and co-chair of the Russian-Turkish intergovernmental negotiating committee Alexander Novak said ahead of the INC's meeting.

Novak said it was necessary to develop mutual trade in high-tech areas, including IT, pharmaceuticals, shipbuilding, and aircraft building, as well as develop cooperation as part of development of new climate trends - in hydrogen production, CO2 utilization, and other areas.

According to him, the sides will study the barriers obstructing mutual trade. Among other things, "decisions are needed on duties and improvement of relationships in the banking, financial sector," he said.

Turkish Trade Minister Mehmet Mus, in turn, expressed hope that trade turnover between the countries would top $30 billion by the end of the year, saying that "the indicators of H1 give such hope."

Mus additionally called for developing new spheres of cooperation in order to achieve the goals to increase trade turnover to $100 billion set by the countries' presidents.