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Turkey keen on free trade deal with India
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SME Times News Bureau | 02 May, 2017
India and Turkey on Monday agreed to boost bilateral trade and
investment relations, with various institutional mechanisms being
initiated towards this end.
"I agreed with Prime Minister
(Narendra) Modi that we should increase our economic relations and we
will have opportunity to discuss this further today (Monday)," Turkish
President Recep Tayyip Erdogan said at the India-Turkey Business Forum,
where Prime Minister Modi was also present.
"It would be good to start free trade agreement (FTA) talks, which would add further momentum to our relations," he said.
Noting
that Indian industry chamber FICCI, the organisers of the forum, had
requested permission to open a liaison office in Turkey and the Turkish
Export Office should start an office in India, Erdogan said the balance
of trade is heavily weighted against Turkey.
"Joint trade volume should be balanced. Steps should be taken to achieve that," Erdogan said.
Bilateral
trade between India and Turkey last year stood at $6.5 billion, of
which Indian exports accounted for nearly $5.8 billion and Turkish
exports to India amounted to only $652 million.
"This is not
sustainable for Turkey and there is need to increase reciprocal
investment so that trade balance is achieved," he said.
Addressing
the gathering, Modi said India planned massive investments in creating
social and economic infrastructure and invited Turkish construction
companies, renowned globally, to participate in Indian infrastructure
building.
"Our infrastructure requirements are enormous,
including core as well as social and industrial infrastructure. We are
keen to build it strong and build it fast. Turkish companies can easily
participate in this task," Modi said.
He pointed to the complementarities between both nations.
"Turkey
has a strong manufacturing sector and India is a low cost manufacturing
hub. Besides the cost aspect, we have a large pool of skilled and
semi-skilled work force and strong R&D capabilities," Modi said
"The
mechanism of India-Turkey Joint Committee on Economic and Technical
Cooperation is working well. In its next meeting, the Committee could
undertake a review of the measures to be taken for promoting two-way
trade and investment," he added.
"This meeting marks a new era of business relations," Erdogan said.
Erdogan,
who arrived here on Sunday, is on a two-day state visit to India. He is
accompanied by a business delegation that includes representatives of
150 Turkish companies.
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