"We expect bilateral economic and trade ties between Turkey and Russia to improve and the current problems to be resolved. Kick-starting tourism and trade with Russia will bring additional $4.5-5 billion a year to Turkey, totalling some $10 billion in the next couple of years," the Ata Invest predicted.
The November 24 airstrike at the Russian Su-24 plane prompted Russia to impose trade restrictions on Turkey. Last month, Kremlin spokesman Dmitry Peskov said that Turkish President Recep Tayyip Erdogan apologized for the air incident, in a letter to Russian leader Vladimir Putin.
By doing so Ankara fulfilled Moscow’s condition for restoring the long-term partnership between the two countries. The letter also said a legal case was launched against a Turkish citizen suspected of involvement in the death of the downed plane’s pilot, which was another precondition.
On June 29, Erdogan and Putin agreed in a phone talk to meet in person later this year. Putin then lifted the ban on charter flights to Turkey and ordered the government to negotiate trade revival with Ankara.