WE WILL KEEP GENERATING SOLUTIONS WITH OUR FULL SPECTRUM OF RESOURCES

We are actively working towards elevating our commercial and economic cooperation with Eurasian countries to advanced levels

As we navigate the aftermath of the COVID-19 pandemic, which significantly impacted global trade, economies, and social dynamics, the ongoing conflict between Russia and Ukraine, along with the Israeli-Palestinian tensions, has presented new challenges not only in the Eurasian Region but worldwide. The devastation endured by Ukraine, often referred to as the breadbasket of Europe, throughout the course of the war, is a source of profound sorrow for us all. Simultaneously, we closely monitor the measures implemented by Western nations to effectively isolate a formidable economic and military power such as Russia from the global economic and political framework. From the outset, Türkiye has been exerting significant efforts to promote and uphold peace.

A compelling illustration of these efforts is the Black Sea Grain Initiative signed in Istanbul on July 22, 2022, achieved through the personal endeavours of our President. A pivotal recent development in the Eurasian region is Azerbaijan’s reclaiming of its sovereign rights over Karabakh, putting an end to a 30-year occupation. As the door to a new era opens in our region with the resolution in Azerbaijan, we anticipate the implementation of large-scale projects across various sectors in the upcoming years.

If we examine Türkiye’s commercial and economic relations with the Eurasian region through the DEİK Eurasia regional structure: The trade volume between Türkiye and the Eurasia region witnessed significant growth, surging from approximately 60.2 billion USD in 2021 to 97.8 billion USD in 2022. This notable increase can be attributed largely to the surge in our imports from Russia, escalating from 29 billion USD to 59 billion USD. Another country that witnessed a substantial increase in our imports is Kazakhstan, with the trade volume rising from 1.6 billion USD to 3.5 billion USD during the specified period. During the same period, the overall export figure with other Eurasian countries reached 25.4 billion USD, compared to the previous 20.2 billion USD.

We maintain a trade deficit in our foreign trade with the region, primarily due to the substantial imports of natural gas, oil, and other energy resources from Eurasian countries. Indeed, our trade deficit, which stood at 19.8 billion USD in 2021, experienced a significant increase, reaching 46.9 billion USD in 2022. Eurasian countries play a significant role in the realm of international contracting services. In the distribution of approximately 493 billion USD of foreign construction projects undertaken to date by the country, Russia and Turkmenistan emerge as the top two, with respective shares of 19.9 percent and 10.8 percent.

In summary, we can affirm that the commercial and economic cooperation between Türkiye and Eurasian countries has demonstrated positive development overall. Indeed, the trade data for 2023 further underscores significant increases, building upon the positive trends observed in 2022. As DEİK/Türkiye-Eurasia Business Councils, we endeavoured to play an active role in this process. The extensive engagement is evident in the numerous events and meetings conducted by our 13 business councils, surpassing 450 in 2022-2023.

This figure excludes 92 executive board/business council meetings, emphasizing the breadth of our commitment to fostering collaboration with stakeholders both domestically and internationally. As DEİK/Türkiye-Eurasia Business Councils, we will keep working and producing solutions with all the resources we have to further enhance our commercial and economic cooperation with Eurasian countries.