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Turkey-India FTA on cards

10
Sep '09
Turkey is eager to sign a Free Trade Agreement (FTA) with India in order to improve bilateral relations further among the two countries, said State Minister, Mr. Mehmet Aydin. The country is interested to co-operate in contracting, energy and housing industry, he added.

He revealed this during signature ceremony of the protocol of Economic and Technical Co-operation Joint Committee meeting, signed between Turkey and India at the Foreign Trade Under-Secretariat. Trade relations among the two countries are showing a considerable improvement in past five years.

The total trade volume in the year 2007 was US $2.6 billion, and a target has been set to raise it up to $5 billion by 2012 and to $10 billion by 2020, informed the Minister.

Several business communities in both the countries would enjoy a well-designed and smooth atmosphere for trade and economic relations, once the proposed FTA agreement is signed, he added by saying

In this regard, Mr. Anand Sharma, Indian Minister of Commerce and Industry, said that India wants to co-operate with Turkey in industries such as informatics, energy, textile and automotive. A joint working group should be created by two countries, he added.

There has been a year-on-year increase of 56 percent in Turkish exports to India which reached $543 million in the year 2008 against $348 million in 2007. Turkey mainly exports poppy seeds, marble and travertine, iron, steel and vehicles; while it imports man-made fibres, chemicals, automobiles and cotton.

Fibre2fashion News Desk - India


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