Turkey offers FTA with India

Commodities Bureau
Posted: Thursday, Mar 20, 2008 at 2253 hrs IST
Updated: Wednesday, Mar 19, 2008 at 2315 hrs IST

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New Delhi, Mar 19: Turkey has offered to have a free trade agreement (FTA) with India and wants to boost its exports of food products, textiles, plastics, chemicals, machinery and construction materials.

The bilateral trade between the two countries has surpassed the target limit of $1 billion in 2004 and reached $ 2.6 billion in 2007.

Among agro products, Turkey wants to boost its exports of olives and olive oil, rose oil, tomato paste, canned fruits and vegetables, pasta, pulses, pistachios, sugar and chocolate confectionery, cut flowers, fishery, bulger made from durum wheat. It also wants to export natural stones

"With a view to aligning our preferential regime with the EU under Customs Union, we would like to initiate and conclude FTA negotiations with India. I believe that a FTA to be concluded between our two countries will stimulate trade figures to the expected levels while diversifying the products subject to bilateral trade," said the visiting Turkish minister of state for foreign trade and foreign contracting services, Kursad Tuzman.

Tuzman while speaking at the Business Forum organised by FICCI in association with Turkey's Prime Ministry Undersecretariat for Foreign Trade, Aegean Exporters' Association and Tuskon in Delhi on Wednesday invited Indian investments in mining, biotechnology, medicine, tourism including coastal development projects and hotel management, automotive, information technology, railway and energy sector.

He said that Turkish companies were interested in investing in India in areas like food and food processing, textiles, plastics, chemicals, machinery, construction and infrastructure projects. He informed that a Turkish textile company decided to make Greenfield investment of $45 million in India to serve the expanding internal market and as well as the Southeast Asian market. Tuzman, who is leading a delegation of 170 Turkish companies, also met the Union commerce minister, Kamal Nath on Tuesday.

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