Turkey Eager To Sign FTA With India
9 September 2009
ANKARA, Sept 9 (Bernama) — State Minister Mehmet Aydin said that Turkey is eager to sign a free trade agreement (FTA) with India to further improve the two countries bilateral ties, Turkish state news agency Anadolu reported.
"We want to cooperate in contracting, energy and housing industries," Aydin said during a signature ceremony here.
Turkey and India signed the protocol of the Economic & Technical Cooperation Joint Committee meeting at the Foreign Trade Undersecretariat.
The trade relations between Turkey and India has displayed considerable improvement during the last five years. The total trade volume has reached US$2.6 billion in 2007.
"We are targeting a figure of US$ 5 billion by 2012 and US$ 10 billion in the next 10 years," he said.
Aydin pointed out that once the proposed FTA is concluded, the business communities in the two countries would have in place "a well-designed and smooth atmosphere for trade and economic relations."
Indian Minister of Commerce and Industry Anand Sharma said that India wanted to cooperate with Turkey in industries such as informatics, energy, textile and automotive, and two countries should set up a joint working group.
Turkey earned some US$222 million from its exports to India in 2006, while this figure rose to US$348 million in 2007.
Turkish exports to India was up 56 percent in 2008 over 2007 and reached US$543 million.
Turkey mainly exports poppy seeds, marble and travertine, iron, steel and vehicles, and imports artificial fibre, chemicals, automobile and cotton.