BRICS: Russia & Turkey Announce $100 Billion Trade Agreement

Joshua Ramos
Source: PBS

With the BRICS bloc continuing to expand, Russia and Turkey have announced a massive $100 billion trade agreement. Indeed, the deal was struck at this week’s Shanghai Cooperation Organization Summit (SCO). There, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdoğan officially agreed to the initiative.

The meeting saw both countries target a $100 billion trading volume through increased dealings over the next several years. Moreover, it represents a key aspect of the growing partnership between the nations across a host of different sectors.

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Russia and Turkey Agree on $100B Trade Deal at SCO Summit

Both BRICS mainstay Russia and SCO ally Turkey agreed to a landmark $100 billion trade agreement this week. The meeting saw both sides come together for an economic deal that would massively increase relations. Moreover, Turkey’s Erdogan invited Putin to visit the nation at some point in the near future.

The two-day summit taking place in Kazakhstan began Wednesday. Moreover, the bilateral negotiations between both Russia and Turkey were a vital part of the planned meetings. Earlier in July, Turkey expressed interest in joining Moscow in BRICS, its economic alliance.

Photo credit: ALEXANDER NEMENOV/AFP via Getty Images

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“We have relations and are holding talks, negotiations with the BRICS countries and they are also going through an evolution,” foreign minister Hakan Fidan said according to a Bloomberg report. The country had shifted its focus to the economic collective after talks to join the European Union took a turn.

Russia had reportedly welcomed Turkey’s entrance into the grouping. Russian spokesperson Dmitry Peskov reported Kremlin’s support for the country’s admission as an expansion nation.

Additionally, Reuters reported Peskov’s statements that the subject “would be on the agenda of the organization’s next summit.” Turkey’s inclusion into BRICS would see the collective welcome its first NATO member.