3/21/2008

Turkey, India propose to initiate talks on free trade agreement

World News - Targeting a four-fold increase in bilateral trade to $10 billion in next decade, India and Turkey on Wednesday proposed to initiate talks on a free trade agreement, covering goods, services and investment. "We need to exponentially enhance economic relationship between India and Turkey and move towards a Comprehensive Economic Partnership Agreement that covers trade in goods, services and investment protection pact," Minister of State for Industry Ashwani Kumar said in a seminar organised by industry body Ficci. Speaking at the event, Turkish Minister of State for Foreign Trade and Foreign Contracting Services Kursad Tuzmen said: "We would like to initiate and conclude free trade agreement negotiations with India". He said trade relations between the two sides have considerably improved during the last five years. Currently, India's trade with Turkey stands at $2.6 billion. "We are targeting a figure of $5 billion by 2012 and $10 billion in the next 10 years," he said.

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