Arzuw NEWS - Turkmenistan news

Turkmenistan-Russia trade turnover will reach $1 billion by 2020

This was stated by Russian Ambassador to Turkmenistan Alexander Blokhin.

The volume of Turkmen-Russian trade by the end of the current year will be $ 1 billion, according to the reports of OrientThe Russian Ambassador Extraordinary and Plenipotentiary to Turkmenistan, Alexander Blokhin, said at a briefing on December 18.

- Despite the pandemic, Russian-Turkmen trade and economic relations have been developing dynamically. In particular, the trade turnover between the Russian Federation has increased by more than 20 percent, and by the end of the year it will be about $1 billion," the Russian diplomat said.

Blokhin noted that Russia has increased deliveries of industrial and chemical products, food, metal products, machinery, equipment, wood, etc. to Turkmenistan. In turn, Turkmenistan has also increased exports to Russia, in particular products of the chemical industry, food products, agricultural raw materials, etc.

The diplomat emphasized that while almost all of these indicators are declining, Turkmenistan and Russia have been able to achieve good growth.

According to the ambassador, a number of joint projects are already underway, and several agreements and memorandums on cooperation in energy and shipbuilding have been signed.

Recall that the Intergovernmental Russian-Turkmen Economic Cooperation Commission (IGC) and its High-Level Group for Trade and Investment Support play an important role in developing trade and economic relations between the two countries.

About 30 agreements and contracts were signed to develop trade and economic cooperation between the countries.

In 2019, bilateral trade was about $700 million, up 69% from 2018.

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