G20 Trade Ministers Meeting to boost commercial ties between Turkey, Russia
by Zübeyde Yalçın
ANKARAJul 08, 2016 - 12:00 am GMT+3
by Zübeyde Yalçın
Jul 08, 2016 12:00 am
As Turkey and Russia turn a new leaf in relations, Economy Minister Nihat Zeybekçi will meet his Russian counterpart at the G20 Trade Ministers Meeting in Shanghai to discuss global economic developments and commercial relations between the two countries.
The G20 Trade Ministers Meeting will be held in Shanghai, China on July 9-10, 2016. Economy Minister Zeybekçi will attend the meeting with a committee. The decisions made during the G20 Trade Ministers Meeting held last year in Istanbul under Turkey's G20 Term Presidency will constitute the priorities of China's term of presidency.
During Turkey's presidency in 2015, the reasons for the recession in global trade were identified as encouraging SMEs and Low-Income Emerging Countries to participate in the global value chain and the development of the multilateral trading system. At the Trade Ministers Meeting in Shanghai, the advancement of trade and investment will be handled by Trade Ministers as a continuation of the priorities and the decisions made at the G20 Antalya Summit. Detailed discussions will be held about strengthening the G20's trade and investment mechanisms, supporting a multilateral trading system, developing collaboration and cooperation in global trade expansion and global investment policies, and encouraging comprehensive and coordinated global value chains.
On the sidelines of the G20 Trade Ministers Meeting, Economy Minister Nihat Zeybekçi will hold bilateral meetings with European Commissioner for Trade, and the economic ministers for Indonesia, France, New Zealand, Singapore, Netherlands, Kazakhstan, China, Saudi Arabia and South Africa.
Zeybekçi's most important meeting will be with Russian Economic Development Minister Alexey Ulyukaev, a further diplomatic step to rectify previously cold relations between Turkey and Russia. The revival of commercial and economic relations will be discussed during the meeting. Minister Zeybekçi will also attend the Informal Ministerial Meeting related to Environmental Goods Agreement (EGA) Negotiations on July 10.