Russia and Turkey hope to use national currencies in settlements

Russia and Turkey hope to use national currencies in settlements

Turkey expects the annual trade growth with Russia would be 35% by 2020, Turkey’s Minister of Economy Nihat Zeybekci said at the 15th meeting of the Russian-Turkish intergovernmental commission on trade and economic cooperation, TASS reports.

"Our trade turnover grew by 30% over past eight months," he said. "We realize we have not reached the levels we had before the sorrowful events (mutual sanctions from Russia and Turkey - TASS)."

"I hope that 35% a year (trade turnover’s growth - TASS) are quite realistic," he continued. "And by 2020, $2100 billion is the figure we could reach."

This could be done also by having a joint investment fund between the Russian Direct Investments Fund and Turkey, he added.

The countries would aspire using national currencies in settlements, but the minister said it would not be possible however to use national currencies 100%.

As Vestnik Kavkaza reported earlier, Russian Energy Minister Aleksandr Novak, who is also the co-chairman of the Russian-Turkish Intergovernmental Commission on Trade and Economic Cooperation, announced that lifting of the restrictions on import of tomatoes from Turkey will take place Nov. 1, rather than Dec. 1.

Novak stressed that Moscow and Ankara continued the work to lift restrictions in agriculture between the two countries.

"We agreed that this work should be built on a mutual basis and will continue," he added, Daily Sabah reports.

Zeybekci, in turn, thanked Novak for the "good news," saying that there were no more agricultural products left under restrictions.

"Our main principle regarding Turkey and Russia's commercial and economic relations focuses on ensuring that there are no obstacles for trade, investment and economy between the two countries," Zeybekci said.