Turkey and Peru penned five agreements which ended with a bilateral trade increased to above $1 billion.

According to the Daily Sabah, the boost in economic relations was the top of the list for Turkey President Recep Tayyip Erdogan's agenda during his tour in Latin America. He, as well as Peru President Ollanta Humala, were discussing the issue of bilateral and inter-committee meetings which were brought up to help economic cooperation. During the said meeting, both leaders signed five agreements to increase the bilateral trade as quickly as possible. In the end, bilateral trade went from a mere $260 million in 2015 to $1 billion as agreed upon.

In a joint statement, the Erdogan addressed the goal of such agreement, saying, "Peru-Turkey bilateral trade volume was US $260 million in 2015, and we want it to rise to US$1 billion. This is a common goal, which is why I am so happy."

Andina noted that among the other things that both leaders discussed with one another was cooperation on defense, military, trade, infrastructure, education, tourism, culture, and even political matters. Erdogan also mentioned the progress of the Latin American country in the energy field, revealing future plans for development, saying that they have identified the projects that can be executed.

Turkey is not looking for bilateral relationship exclusively from Peru, but in other Latin American countries as well. Reuters reported that Turkey's Economy Minister Mustafa Elitas, "Bilateral trade with Latin America currently stands at a little over $8 billion ... for 2023 which is our Republic's 100-year anniversary, we want to reach $20 billion."

In the Middle East, Turkey's goals are even greater, noting that in Iran, trade reached $22 billion in 2012. Elitas also mentioned that the government wanted the numbers to go even higher, possibly reaching about $30 billion in trade by 2023.

The biggest problem, said Turkey's Deputy Prime Minister Mehmet Simsek, is battling inflation, as it is root to other serious problems like a rise in minimum wage as well as electricity and tax hikes.

Interest rates should also be regularized. Elitas said, "It's important not to hike interest rates too much ... this does not create an environment that is conducive to investments ... currently interest rates in Turkey are not low, in fact, they are high."

Still, the bilateral agreement between Peru and Turkey is good for both their economies. Under Erdogan and Humala's supervision, various institutions from both countries were able to sign memoranda of understanding to improve cooperative efforts. Among the said institutions include The Foreign Economic Relations Board and the Lima Chamber of Commerce, Anadolu Agency and Peruvian News Agency Andina, the Turkish Cooperation and Coordination Agency, Peru's International Cooperation Agency, Turkey's Small and Medium-Sized Enterprises Development Organization, and Peru's Production Ministry.