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Turkey, Russia sign an agreement to lift trade barriers between two countries

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It was reported by news agencies that Turkey and Russia had signed a declaration in Istanbul on May 22th to lift restrictions on bilateral trade, which was implemented after a jet crisis in 2015. The document was signed by Arkady Dvorkovich and Mehmet Simsek, deputy prime ministers of Russia and Turkey, respectively, at the 25th anniversary summit of the Organization of the Black Sea Economic Cooperation (BSEC).

Turkish Prime Minister Binali Yıldırım and Russian counterpart Dimitry Medvedev witnessed the signing of the declaration aimed at normalizing and developing economic relations and increasing trade volume between Russia and Turkey.

Moscow had decided to remove the sanctions imposed on imported products, excluding tomatoes, on May 3 when the leaders of the two countries came together in Sochi.

Russian President Vladimir Putin said Moscow’s embargo on imports of tomatoes from Turkey and visa restrictions on Turkish citizens would remain for the time being.

Later it was announced that Turkey had resumed wheat imports from Russia on May 11, just a few days after the trade dispute between the two countries had been resolved.

Just to review, the two countries had experienced a serious political crisis in their relation following the shooting of the Russian plane by Turkish armed forces, on November 24, 2015 after which Russia had started very harsh sanctions on trade with Turkey, almost knocking down Turkish tourism sector in Antalya and surroundings.

Eventually the relations between two countries were partially mended following Turkey’s positive approach to Russia and visit paid by Turkish president to Moscow to convey friendly messages to include apologies.

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