Alexander Novak Chairs 18th Meeting of the Intergovernmental Russian-Turkish Commission on Trade and Economic Cooperation

11/27/2023

Russian Deputy Prime Minister Alexander Novak recently paid a working visit to Turkey, where he met with Turkish Vice President Cevdet Yilmaz and Turkish Minister of Trade Omer Bolat to discuss current issues of Russian-Turkish bilateral interaction.

As co-chairman of the Mixed Intergovernmental Russian-Turkish Commission on Trade and Economic Cooperation, Novak chaired the 18th plenary meeting of the commission.

Among the main areas of cooperation between the two countries, Novak highlighted interaction in the energy, agriculture, financial, banking, industrial, transport, logistics, customs, and tourism sectors. Russia is seeing positive trends in numerous other areas of bilateral cooperation as well, specifically healthcare, space, standardization, accreditation, cadastral registration, education, and sports.

In 2022, Turkey was Russia’s second largest foreign trade partner, with bilateral trade turnover almost doubling by 85.8%. In January–October 2023, Russian-Turkish trade turnover increased by 49.8% in physical terms compared with the same period of last year.

“Turkey is receiving stable supplies of Russian gas. We would like to note the successful development of cooperation in the use of nuclear energy for peaceful purposes. We continue to implement our flagship project – the construction of the Akkuyu NPP. Full-scale construction work is currently underway at the sites of all four nuclear power plant units, which makes the Akkuyu site one of the largest nuclear construction sites in the world,” Novak said.

Novak underscored Russia’s readiness to expand cooperation in the nuclear sector, including a project for renewable energy sources at the Akkuyu NPP to obtain additional electricity. Russia is interested in its contractors participating in the construction of the new Sinop NPP in Turkey, as well as in the construction of low-power nuclear plants and the use of non-energy sector technologies.

Russia and Turkey have solid prospects for cooperation in nuclear medicine, the manufacturing of products from rare metals, composite materials, and energy storage devices based on lithium-ion batteries, as well as technologies for water desalination, water treatment, and waste incineration. The two countries are also discussing joint projects in the metallurgy, automotive, light, and chemical industries.

Over the first 10 months of 2023, Russian-Turkish trade turnover of agricultural products increased by 4.2% compared with the same period of 2022, and improvements have also been made in the safety of food products supplied from both countries. In the first three quarters of 2023, Turkey accounted for 22% of all trips abroad by Russian tourists, which accounted for 13.2% of the foreign tourist flow to Turkey. The meeting participants discussed such issues as transport accessibility, unimpeded entry, non-cash payments, financial payments, the safety of tourists in Turkey, as well as prospects for expanding cruise traffic with Turkey in the Black Sea.

Novak invited representatives of the Turkish government and business to take part in the Caucasus Investment Forum in May 2024 and Russian Energy Week on 26–28 September 2024 in an effort to strengthen the intergovernmental dialogue, as well as showcase developments in the manufacturing of energy equipment and technologies.

At the end of the meeting of the Intergovernmental Russian-Turkish Commission on Trade and Economic Cooperation, the parties signed a final protocol, while the General Directorate of Land Registry and Cadastre of the Turkish Ministry of Environment, Urbanisation, and Climate Change and the Russian Federal Service for State Registration, Cadastre, and Cartography signed a memorandum of understanding.

Source: Official website of the Russian government.

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