Economy 13:34 04/01/2016

Turkish firms run out of patience due to pressure from Russia

Tukey is preparing to file a complaint against Russia's recent economic sanctions to the World Trade Organization and other international courts, Daily Sabah reported.


Speaking to Daily Sabah, Economy Minister Mustafa Elitaş noted that in small cities across Russia, Turkish companies are being pressured to transfer their shares to their Russian partners. "Trade needs to have a moral basis as well. These entrepreneurs have put their trust in the Russian government and invested in the country. We are trying to be patient but we are expecting an embargo against Turkey," said Elitaş. Now the complaints brought to the Russian table are under consideration for delivery to the World Trade Organization, noted Elitaş who pointed out that, currently, they are collecting evidence. "We will reclaim the rights of all those who have suffered in international courts," added Elitaş.

He further noted that he thinks the situation with Russia is like the weather report; sometimes sunny and sometimes rainy or partly cloudy. "When it is cloudy, their treatment is not in accordance with internationally accepted trade rules. Problems are resolved through discourse. We established a Russian Desk as soon as the crisis emerged," stated Elitaş.

The economy ministry has been taking precautions in dealing with the crisis in Russia and despite the negative trends evident in the global economy; the ministry will strive to turn 2016 into a year of opportunities.

After the incident with Russia, the ministry held a meeting with exporters of fresh fruits and vegetables, taking steps to resolve the issue of Turkish goods being transported to Russia and those that have been held in Russian customs.

The main complaint received by the Russian desk is regarding the pressures applied on companies in smaller cities which have Russian partners, as the Russian sanctions will jeopardize the investment reputation of Turkish companies and ruin the company's investment integrity. "There are companies that we invite to our country for investment and if we apply sanctions to all the countries we encounter problems with, it will cost us our reputation in the international arena," said Elitaş.
 



Source Panorama.am
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