Mumbai: Turkey has offered to consider a Free Trade Agreement with India as it plans to increase its bilateral trade to $10 billion annually by 2012, Turkish Minister for Foreign Trade Kursad Tuzmen said.
“We would like to have a Free Trade Agreement with India... Our trade with India is currently around $2.7 billion annually and we want to raise it to $10 billion by 2012,” Tuzmen told a meeting of industrialists at the World Trade Centre here.
Tuzmen also wanted more flights between India and Turkey in the face of growing bilateral economic cooperation.
The two-way trade of Turkey was around $800 billion as against India’s $600 billion annually. While Turkey’s trade deficit was around $80 billion, India’s was around $60 billion.
Widening of trade between the two countries would help in narrowing their trade deficits, he said, adding that India could consider utilizing Turkey as a gateway to the European Union for enlarging its trade with the 27-nation bloc.
Speaking on the occasion, World Trade Centre’s Vice-President Vijay Kalantri said Turkish Consulate should be set up in Mumbai by 2008 and there was a need to build a comprehensive economic relationship between the two countries.
Indian companies are committed to invest in Turkey as it is among the 11 countries listed by investment bankers for growth potential.