Trade Minister Ömer Bolat said Friday that Türkiye and Russia are continuing to strengthen their economic relations, emphasizing that the resilience and complementary nature of both countries’ economies offer ample opportunities for deeper cooperation.
Speaking at the 19th session of the Turkish-Russian Intergovernmental Joint Economic Commission (JEC) in Moscow, Bolat highlighted the strategic importance of both nations as regional neighbors and key players.
“The commercial and economic partnership developed over the years between Türkiye and Russia has laid the foundation for peace and stability in the region,” Bolat said.
He noted that President Recep Tayyip Erdoğan and Russian President Vladimir Putin are committed to advancing bilateral relations and working together to meet the mutual goal of increasing trade volume to $100 billion (TL 3.99 trillion).
Despite global and regional challenges, Bolat said the two countries have made significant progress in their relations. “Our joint work with Russia and our major, visionary projects are expanding. We aim to carry our future projections into the second quarter of the 21st century in line with national and international obligations, to contribute to the development of our regions, countries and peoples,” he said.
Bolat added that a memorandum of understanding to be signed at the conclusion of the JEC meeting, along with its accompanying agreements, would further boost economic and trade ties between the two nations.
Recalling the shocks Türkiye has faced in recent years, including the COVID-19 pandemic and a devastating earthquake that struck 11 provinces, Bolat thanked Russia for its aid during the disaster. “Despite the difficulties, under President Erdoğan’s leadership, our country has shown resilience and has largely overcome these challenging times,” he said.
Bolat pointed to Türkiye’s uninterrupted growth over the past 19 quarters, noting that the economy grew by 3.2% last year, reaching a size of $1.3 trillion. He said exports, which stood at $36 billion in 2002, surged to $262 billion in 2024 – nearly a sevenfold increase.
“The undeniable potential of the Turkish economy is resonating globally,” Bolat said. “The World Bank recently revised Türkiye’s 2024 growth forecast upward from 2.6% to 3.1%.”
Bolat also praised Russia’s economic performance, saying it exceeded global expectations. According to International Monetary Fund (IMF) data, the Russian economy grew by 4.1% in both 2023 and 2024.
Thanks to JEC meetings, Bolat said Türkiye and Russia have been able to develop a multi-layered and wide-ranging economic relationship. “Our regularly held high-level Joint Economic Commission meetings are a clear result of this dynamic interaction,” he added.
