Türkiye and Russia sign JEC protocol to boost trade ties

MOSCOW

Trade Minister Ömer Bolat traveled to Moscow on June 27 to attend the 19th term meeting of the Turkish-Russian Joint Intergovernmental Commission on Trade and Economic Cooperation (JEC).

Bolat met with Russian Deputy Prime Minister Alexander Novak. “We executed the co-chairmanship of the JEC,” the Turkish minister wrote on X.

Within the scope of the JEC Meeting, they comprehensively evaluated many topics related to the relations between the two countries such as evaluations on the global economy, bilateral trade and economic relations, energy, agriculture, contracting, environment, education and transport at a high level, the Turkish minister said.

“At the end of the meeting, we signed the JEC Protocol covering all these topics to be a roadmap for Türkiye-Russia trade and economic relations,” Bolat said.

During their meeting, Bolat and Novak discussed the main agenda items on trade and economic issues between Türkiye and Russia and exchanged ideas on the projects to be carried out in the upcoming period, according to the Trade Minister.

“In addition, we have agreed to develop areas of cooperation regarding the steps to be taken in order to reach the $100 billion trade volume target set by our Esteemed Presidents in a balanced manner,” Bolat added.

Within the scope of the JEC Meeting, they comprehensively evaluated many topics related to the relations between the two countries, such as evaluations on the global economy, bilateral trade and economic relations, energy, agriculture, contracting, environment, education and transport at a high level, the Turkish minister said.

Prior to his departure to Russia, in an interview with Anadolu Agency earlier this week Bolat noted that Russia became Türkiye’s largest trading partner in 2024, with a total trade volume reaching $52.6 billion.

Speaking on the outlook for 2025, Bolat emphasized the adaptability of the two countries’ commercial relationship.

“Taking into account the dynamics of our trade relations with Russia, we anticipate that — despite regional headwinds — we will be able to match last year’s trade volume levels in 2025,” he said.

Exports to Russia surpassed $2.7 billion in the first five months of 2025, signaling a steady continuation of bilateral trade momentum.

“Our target for this year is to deepen bilateral trade not only in terms of volume but also across a broader range of sectors,” Bolat stated.

He also underscored that the tourism activity is a concrete indicator of Türkiye’s deepening economic cooperation with Russia.

Bolat noted that 6.7 million Russian tourists visited Turkey in 2024, reinforcing Russia’s position as the top source of foreign visitors.

He emphasized the multiplier effect of this influx, noting its significant impact across key service sub-sectors such as accommodation, transportation, food and beverage and retail.