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Russia and Turkey to propose tourists and business entities to settle accounts in rubles

05.10.15

On October 5, 2015, the Minister of Economic Development of the Russian Federation Alexey Ulyukaev met with the Minister of Economic Affairs of the Republic of Turkey Nihat Zeibekchi at the meeting of the Ministers of commerce of the “Group of Twenty.”

“We were talking with the Turkish Minister on the issue related to the Russian tourists in Turkey making settlements in rubles, both for leisure and treatment – the Head of the Ministry of Economic Development of Russia Alexey Ulyukaev noted. – This is a serious complex issue, as Turkey needs these rubles for paying the contracts for purchasing of our goods, which they will conclude with the Russian companies, what represents different sectors.”

According to his statement, this issue has not yet been actively discussed but can be resolved next year.

Furthermore, at the meeting of the Ministries of two counties the Russian-Turkish goods turnover for January-July, 2015, which constituted 14.4 billion dollars, that represented decrease by 21.5%, was discussed. “In current year, certain decrease of volumes of mutual trade is connected with the drop of the world prices for hydrocarbons, substantial decrease of the RUR exchange rate at the end of the previous year, as well as bad crop in Turkey.

At the same time, regardless of the volumes decrease, new items in the Turkish import appeared, including milk products,” - Alexey Ulyukaev noted. Speaking about the Russian export, the Ministry emphasized that regardless of drop in prices, its physical volumes increased by 11% in comparison with the same period of the previous year and constituted 21.7 million tons.

As for the investment collaboration and service trade, the Russian Ministry of Economic Development noted that according to the expert assessments, the volumes of bilateral investments constitutes approximately 10 billion dollar from each side. That provided, preparation of the draft Russian-Turkish Agreement on services free trade and investments remains to be the key direction.

I hope that at the end of October we will have a document, and I think that in 2016 will be able to sign,” – Minister said.

In addition, Alexey Ulyukaev and Nihat Zeibekchi discussed the draft Medium Term Program for Trade and Commerce and Scientific and Technical collaboration between the governments of Russia and Turkey for 2016-2019 aimed to be the industrial “road map” determining the development of the Russian-Turkish cooperation in trade and economy in perspective in such sectors as energetics, industry, agriculture, tourism, regional collaboration, transport, as well as financial and banking collaboration. “It still contains the unresolved issues in the area of energetics and transport,” – the Russian Minister of Economic Development Alexey Ulyukaevnoted. According to him, this program is planned to be signed until the end of the year.

The first meeting of the joint Russian-Turkish work group for development of collaboration in the area of small and medium-size businesses was held in June, in Moscow. Alexey Ulyukaev is convinced that the Work group will be the effective mechanism of collaboration between the companies supporting small and medium-size businesses and authorities responsible for elaboration of the government policy in the area of small and medium-size business.

In the course of the meeting, the Ministries of Economic Affairs agreed that the Turkish business mission team will be visiting Russia in November.

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