India, Turkey to discuss FTA to boost bilateral trade
Press Trust of India / New Delhi April 19, 2011, 19:00 IST
Turkey today said it will discuss opening up of their markets with India under a free trade agreement (FTA).
“We will be discussing issues relating to non-tariff and tariff barriers under FTA with Indian authorities,” Turkish Trade Minister Zafer Caglayan said here in his address to India-Turkey Business Forum.
Both the countries are exploring the possibility of FTA to boost bilateral trade.
The current two-way commerce is $3.14 billion and experts said an FTA between the two would significantly enhance the trade.
Major imports from Turkey comprise minerals, fertilisers, nuclear reactors and machinery, while exports include pharma, manmade yarn and electronic goods.
Besides, the visiting minister asked Indian corporates to make investment in Turkey because of its strategic geographical location and potential for economic growth.
Referring to sectors where investment can be made in Turkey, Caglayan said his country has plans of huge investments in energy sector in the next 10 years.
About $120 million would be invested in the energy sector, he said.