TODAY.AZ / Business

Russia, Turkey expand trade, energy ties

31 May 2006 [23:57] - TODAY.AZ
Russia and Turkey signed Tuesday a protocol agreement to increase bilateral trade and expand energy cooperation.

"We have decided to discuss ways to provide permanent flow of natural gas from Russia to Turkey and ways to cut natural gas prices," Kursad Tuzmen, Turkish State minister, told reporters after the closing of the Turkey-Russian Joint Economic Commission meeting held in Istanbul, Anatolia news agency reported.

According to UPI, Tuzmen, who met with Russian Energy Ministry Viktor Khristenko, said bilateral trade between the two countries increased by 50 percent in 2005, exceeding $15 billion. Tuzmen predicted that two-way trade would reach $18 billion this year, and bilateral trade volume would reach the target of $25 billion by 2008.

"At today's JEC meeting, we have decided to rapidly start talks on a new and comprehensive trade and partnership agreement and prepare infrastructure which will provide free movement of properties and services in bilateral trade. We have also decided to sign a joint action plan between 2006 and 2008," Tuzmen said.

The Turkish state minister said the two nations discussed the energy sector and ways to provide permanent flow of natural gas from Russia to Turkey.

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