India,Turkey form joint group to expand trade

Hoping to expand bilateral trade of goods and services,India and Turkey have formed a joint study group to evaluate the potential...

Hoping to expand bilateral trade of goods and services,India and Turkey have formed a joint study group to evaluate the potential strengthening of commerce between themselves. The group,comprising of officials from the two countries that are going into the possibility of duty reduction or elimination through a free trade agreement,is expected to finalise its report by early next year,additional secretary in the Commerce Ministry,A K Mangotra told reporters during a FICCI function here today.

Meetings between the two sides are going on… in September we are meeting again here. Maybe by end of this year or in the first quarter of 2011,the JSG will submit its report, Mangotra said,adding that sectors like tourism,pharmaceutical,petro-chemicals and minerals in Turkey hold huge potential for Indian companies.

Turkey,a member of the European customs union,could help Indias entry to Europe and member-countries of Commonwealth of Independent States (CIS) like Armenia,Azerbaijan,Kazakhstan,Kyrgyzstan,Turkmenistan,Tajikistan,and Uzbekistan,Mangotra said.

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Bilateral trade between the countries stood at $3.13 billion in 2009-10. Key items exported by India to Turkey include cotton and man-made yarn,machinery,pharmaceuticals,transport equipment and chemicals. Major imports from Turkey comprise minerals,fertilisers,nuclear reactors and machinery.

India is in the process of negotiating more than a dozen free trade pacts with countries like Japan,Malaysia and European Union. FTAs with the Association of Southeast Asian Nations (ASEAN) and South Korea have recently been operationalised. According to a study done by the ICRIER,the issues of concern to Indian businessmen in Turkey include delays in customs clearances,licensing,high tariffs and difficulty in obtaining world permits.

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