With the aim to increase trade volume to $1 billion the two countries Turkey and Kyrgyztan have entered into a memorandum of understanding on Friday. Two nations share common historical, linguistic and cultural ties.
Turkish Deputy Prime Minister Numan Kurtulmus speaking at the Eighth Turkey-Kyrgyzstan Joint Economic Commission, held in Bishkek, the capital of Kyrgyzstan stated that the agreement will serve as a road map to increasing bilateral trade volume to $1 billion between the two countries.
Turkey's exports to Kyrgyzstan, one of the poorest of the former Soviet republics, stood at $388.3 million while Turkish imports were only $37 million last year.
The top export categories from Turkey include textiles, yarn, fabrics, clothing accessories, electric machinery, and various manufactured products. Turkey imports vegetables and fruits, nonferrous metals, textiles, and gold.
According to the Turkish Statistical Authority, the trade volume between the two countries increased 14.2 percent to $355 million during January to October of this year, with exports from Kyrgyzstan worth about $50 million.
In 2013, the bilateral trade between the two nations had increased by 40.5 percent to $425.3 million.
Turkey was the first country to recognize the independence of Kyrgyzstan, and, according to the
Turkish Foreign Ministry, Turkey has signed more than 100 agreements and cooperation protocols with Kyrgyzstan in various fields.
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