Bilateral Economic and Commercial Relations, 23.12.2016
Bilateral Economic and Commercial Relations
Bilateral trade volume between Turkey and India has been 6.3 billion US Dollars in 2015. Turkish and Indian authorities have agreed on the target of 22 billion US Dollars for bilateral trade volume between two countries to be achieved till 2023.
Recently there has been significant increase in Turkey’s net exports to India which also resulted in diversification of Turkish export products to this country. Today, main Turkish export items to India are as follows:
- Marble, travertine, products of automotive and textile industry, poppy and cumin seeds, copper and copper ore, iron, steel, gold, coal, chrome.
Considering the production and export structure of Turkey and, developments and consumer behaviors in India, sectors that would be important for our export and prospective products, marketing of which would be given further importance are fresh fruits and vegetables, olive oil, unshelled fruits, dried fruits, tomato paste, chili pepper, pasta, iron and steel products, all kinds of machine, food processing and packing machines and equipments, plastic products, construction materials, glassware, hardware, marble, travertine, textiles, other handcrafts, carpet and soap (olive oil, laurel, etc. natural products).
On the other hand, Turkey’s main import items from India are as follows:
- Oils, motor vehicles and vehicle parts, factory-made pharmaceuticals, polyester, fibers and other kinds of ropes, cotton, cotton yarn, cotton textile goods, clothing, reactive dyes, phosphoric and polyphosphoric acids, antibiotics, medicine chemicals, wind energy products, sesame seed, granite, polypropylene and stainless steel rods.
Turkish companies’ interest in investing in India has increased recently as well. According to the records of our Embassy, there are about 20 Turkish companies which are active in India and nearly 210 Indian companies are doing business in Turkey.
In the recent years, there has been a boom in the relations between economic and trade organizations of the two countries. A protocol on establishment of the “Turkish-India Cooperation Platform” between the Union of Chambers and Commodity Exchanges of Turkey (TOBB) and the Federation of Indian Chambers of Commerce and Industry (FICCI) has been signed in 2008. The latest meeting within the framework of the Joint Economic Commission mechanism was held on 15 January 2014 in New Delhi, with Turkish delegation headed by Minister of Economy H.E. Mr. Nihat Zeybekçi.
Latest visits by Minister of Finance H.E. Mr. Mehmet Şimşek on 24-25 January 2015, Deputy Prime Minister H.E. Mr. Ali Babacan on 2-7 April 2015 and Minister of Development H.E. Lütfi Elvan on 3-4 November 2016 have constituted important steps towards further developing bilateral commercial relations. Currently the works have been underway in order to sign a Free Trade Agreement (FTA) between Turkey and India.