MERSIN - Turkey`s foreign trade minister said Sunday cost of Russia`s restrictions on Turkey`s exports would reach 1 billion USD at the end of September.
Lengthy customs procedures imposed by Russian customs authorities since last month are delaying the arrival of Turkish-made goods. Turkey has put a package of trade measures into action against Russia at the beginning of September, a move to retaliate against its top trade partner.
Turkish State Minister for Foreign Trade Kursad Tuzmen said Turkey`s loss has reached 500 million USD so far and the cost of this trade dispute would double at the end of this month.
"I hope the problem will be resolved as soon as possible," Tuzmen said.
"Time will justify us," he added.
Trade volume between Turkey and Russia was estimated to reach 38 billion USD at the end of 2008. Turkish investments in Russia is around 5 billion USD, while Turkish contractors have undertaken Russian construction projects worth over 25 billion USD.
Last year, Turkish exports to Russia reached 4.7 billion USD, mostly automobiles, citrus fruits, tomatoes, synthetic thread, textiles and jewelery.
Turkey imported mostly oil, natural gas and mineral oil from Russia worth 23.5 billion USD in 2007.
(TÇ-UK)
(ECO)