Opportunities and Challenges in the Context of Economic Relations with Turkey Russian Federation

Abstract

It is a known fact that while Turkey and Russian are bordering neighbors, there are large differences between the two countries in terms of geographical integrity and total production. However, the nations share the same geography since ancient ages, hence there are a lot of cultural similarities between them. The relationship between Turkey and Russia spans commerce, energy and tourism and other fields with potential to develop. Development of commercial activities between Turkey and Russia, two prominent centers of power in the region, also carries the potential to reduce these countries' dependencies to western countries in these areas. The cooperation between Turkey and Russia in the energy field will increase reliability of Turkey in terms of energy procurement, therefore increasing the country's strategic importance. A cooperation between the two countries in terms of security will only provide stability to both countries, but also to every area on which these countries have dominance. Cooperation in many other sectors, specifically in tourism and education, will create even stronger bonds between the nations of the two countries which share many cultural elements. It should also be stressed that it is quite in favor of certain other centers of political power when the Turkish-Russian relationships are less than ideal. Any deterioration in the two countries' economical and commercial relations directly mean losses amounting to millions of USD for both economies.