Russia Turkey Trade Agreements: What You Need to Know
The relationship between Russia and Turkey has always been complex, with both countries having a love-hate relationship over the years. However, they have maintained a strong economic bond, and both countries have been trying to improve their trade relations with each other in recent years. In this article, we will discuss the Russia Turkey trade agreements and what you need to know about them.
Background of Russia Turkey Trade Agreements
The economic relationship between Russia and Turkey has been on the rise since the early 2000s. The two countries have been working to increase their trade volume, and Turkey has become one of Russia`s primary trading partners. According to the Russian Federal Customs Service, the total trade volume between Russia and Turkey was $26.2 billion in 2020, making Turkey the 8th largest trading partner of Russia.
In 2016, the economic relationship between Russia and Turkey suffered a major setback when Turkey shot down a Russian fighter jet. In response, Russia imposed economic sanctions on Turkey, which led to a significant decrease in trade between the two countries. However, both countries resolved their differences, and since then, trade relations have been on the rise again.
Russia Turkey Trade Agreements
There are several trade agreements between Russia and Turkey that have been signed over the years to increase trade between the two countries. These agreements cover a diverse range of industries, including energy, agriculture, tourism, and transportation. Here are some of the key trade agreements between Russia and Turkey.
1. The Free Trade Agreement between the Eurasian Economic Union and Turkey
This agreement was signed in 2016 between the Eurasian Economic Union (EAEU) and Turkey. The EAEU is an economic union that includes Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan. The agreement aims to increase trade between the EAEU and Turkey by eliminating customs duties and other trade barriers.
2. The TurkStream Pipeline Project
The TurkStream pipeline is a joint project between Russia and Turkey that was launched in 2018. The pipeline delivers natural gas from Russia to Turkey through the Black Sea. The project was a significant milestone in the energy relationship between Russia and Turkey and has increased their trade volume significantly.
3. Joint Tourism Promotion
Russia and Turkey have also signed an agreement to promote joint tourism between the two countries. The agreement aims to increase the number of tourists traveling between the two countries by promoting tourism packages that include both Russia and Turkey. This agreement has led to a significant increase in tourist arrivals from Russia to Turkey.
Conclusion
The trade relationship between Russia and Turkey has been on the rise in recent years, with both countries working to increase their trade volume with each other. The signing of various trade agreements between the two countries has helped to eliminate trade barriers and increase trade in various industries. The future looks bright for the Russia Turkey trade relationship, and we can expect to see more trade agreements signed between the two countries in the coming years.
Commentaires récents