The Hindu Business Line : India-Turkey trade grows 300% in five years

Turkey-India trade has increased by over 300 per cent in the last five years and there is potential for significant upsurge with Free Trade Agreement (FTA) between the two countries at advanced stage of negotiations.

“We are keen on the FTA going through as this would further accelerate bilateral trade across different segments between the two countries,” Mr Ali Babacan, Foreign Minister of Republic of Turkey, said here on Thursday.

In absolute numbers, the overall trade between the two countries was up from $800 million to $2.6 billion and with Turkey also poised to be part of the European Union and signatory to the Uniform Customs Union, there is potential for new segments.

Potential hub

Speaking at a meeting hosted by the CII, Mr Babacan said Turkey’s economy is 17 largest with gross national product of $500 billion and FDI of $21 billion in 2007. Located strategically, it has the potential to serve as a hub for the European Union, Africa, the West Asia and the region.

Turkey has emerged as a energy hub for the region and is evacuating crude and gas to serve the European Union with three major gas pipelines with Caspean Sea oil to Mediterranean, Turkey-Greece links and another link to that serves Bulgaria, Romania and a few other counties.

The Foreign Minister said that another Turkish delegation is set to visit India shortly to explore potential for mutual cooperation in areas like energy, construction, iron and steel, IT, mining, and gems and jewellery among others.

Already Indian infrastructure company GMR has successfully taken up development of a major airport in Turkey.

ANTI DUMPING ISSUE

Answering a question on anti-dumping duty relating to textiles, Mr Babacan said that Turkey is signatory to the WTO and if there were any concerns with regard to this issue, they could be taken up at the appropriate forum. However, he said that there is no such measure against textile trade.

The President, Agro Tech Foods Ltd, Mr Utpal Sen Gupta, said that CII has entered into MOUs with about four business and trade agencies in Turkey and sees this ending up into investments in new projects.

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