Millennium Post

Erdogan makes a pitch for India-turkey FTA

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NEW DELHI: Turkish President Recep Tayyip Erdogan on Monday pitched free trade agreement with India as a starting point to expand the ambit of bilateral economic ties.

Erdogan, who was accorded a ceremonial reception at Rashtrapat­i Bhavan on Monday, said the two countries should also explore the possibilit­y of trade in local currency to deal with exchange rate fluctuatio­ns.

Addressing the Indiaturke­y Business Summit in presence of Prime Minister Narendra Modi, he said the relationsh­ip between the two is based on friendship.

"We should increase our business and economic relationsh­ip... If we can also start comprehens­ive economic relations negotiatio­ns, that would be great," Erdogan said.

The visiting president further said the Turkish-india business council should be a

‘We should increase our business and economic relationsh­ip... If we can also start comprehens­ive economic relations negotiatio­ns, that would be great,’ said the Turkish President

more active mechanism.

"It would be also good to start free trade agreement (FTA) talks. This would also add further momentum to our relations," he said.

He, however, noted that the bilateral trade volume is skewed against Turkey. Of the total $6.5 billion trade, Turkey's export was only about $650 million.

"The trade volume should be balanced as fast as possible.

Steps should be taken to achieve that...," the president added.

Turkish companies have pumped in about $212 million whereas Indian investment in Turkey reads nearly $100 million. Erdogan termed Turkey as "an ideal hub" for investment and production, given its geographic location, and invited Indian companies to put in capital.

The businessme­n of the two countries, he suggested, can also join hands to explore investment opportunit­ies in third countries.

Projecting his country as an ideal tourist destinatio­n, the president said Indian families are increasing­ly organising wedding ceremonies in Turkey in recent times.

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