Turkey-India Economic and Trade Relations

Main Economic Indicators (2016)

GNDP (trillion $)

:

2.19

GNDP Growth Rate (%)

:

7,1

Population(billion)

:

1,3

GNDP Per Capita ($)

:

6580 (PPP)

Inflation Rate (%)

:

4.9

Unemployment rate (%)

:

8.4

Exports(fob-billion $)

:

262

Imports(fob-billion $)

:

381

Bilateral Trade Volume (billion $)

:

6.409

Source: Turkish Embassy in New Delhi,

The most important export markets for India : USA, UAE, China, Saudi Arabia

Main Countries for Indian Imports: China, UAE, Saudi Arabia, Switzerland

Main Export Items : Petroleum, petroleum products and related materials , textile yarn and related products , plastics in primary forms , organic chemicals, road vehicles, rice, beef.

Main Import Items: Crude oil, gold, chemical fertilizers, edible oils, food grains, iron-steel, non-ferrous metals.

Bilateral Economic and Trade Relations Between India and Turkey

Figures of export, import, trade volu me (million $)

Main Export Items to India: Gold, metalliferous ores and metal scrap, crude fertilizers and crude minerals, non-ferrous metals, power-generating machinery and equipment

Main Import Items to India: Petroleum, petroleum products and related materials, textile yarn and related products, plastics in primary forms), organic chemicals, road vehicles.

Year

Export

İmport

Volume

Balance

2007

348

2.299

2.647

-1.951

2008

542

2.457

3.000

-1.915

2009

411

1.902

2.313

-1.491

2010

606

3.409

4.016

-2.803

2011

756

6.498

7.254

-5.742

2012

791

5.843

6.635

-5.051

2013

586

6.367

6.954

-5.780

2014

586

6.898

7.485

-6.311

2015

650

5.613

6.263

-4.962

2016

652

5.757

6.409

-5.105

Bilateral Cooperation Mechanisms:

- Joint Economic Commission (JEC): The mechanism of the Turkey-India Joint Economic and Technical Cooperation Committee (JEC) was established by the Economic and Technical Cooperation Agreement signed in 1978 and so far, 10 JEC Meetings have been realized between the two countries. The last JEC meeting (10TH) between Turkey and India was held in New Delhi, on 30-31 January 2014.

- Business Council:
The last meeting of the Business Council established in 1996 was held in Istanbul on 9 September 2009.

- Joint Committees: Joint Committee Meetings are held in the fields of agriculture and tourism between Turkey and India.

Projects of Turkish Firms in India:

Currently, the total amount of the contracting projects of Turkish contractors in India is around 430 million USD. Recently, the projects undertaken by Turkish firms include the Lucknow subway construction, the Mumbai subway construction, a railway tunnel construction in Jammu Kashmir and various housing projects.

Tourism: While 73,731 Indian tourists visited our country in 2012, this number increased to 90,934 in 2013, to 119,503 in 2014 and to 131,869 in 2015. This figure was recorded as 79,316 in 2016. Recently, there has also been a significant increase in the wedding tourism of wealthy Indian families towards Turkey.

Mutual economic agreements:

The Agreement on the Avoidance of Double Taxation (1996) and the Agreement on Encouragement and Protection of Investments (1998) were signed between the two countries.

There is no the FTA agreement between Turkey and India. However, India has the opportunity to benefit from discounted tariffs on certain products for export to Turkey by making use of the Generalized Preferences System (GSP) applied by the EU.

The Official visit of our President to India

H.E. Mr. Recep Tayyip Erdoğan, President of the Republic of Turkey, has paid an official visit to India on 30 April-1 May 2017. On the occasion of the said official visit, our President came together with H.E. Mr. Kumar Mukherjee, President of India, and H.E. Mr. Narendra Modi, Prime Minister of India.

The talks focused on the development of bilateral relations, the enhancement of mutual investments, the diversification of the fields of bilateral cooperation, the development of cooperation in the field of nuclear energy, civil aviation, medicine, space and technology, the regular continuation of the Joint Economic Commission Meetings, the entering into force of the Comprehensive Economic Partnership Agreement, the increasing of the number of regular flights and destinations.

In the margin of the above-mentioned official visit, India-Turkey Business Forum has been organized. Nearly 350 participants consisting of ministers of the two countries, senior officials and businessmen attended the Business Forum held under the auspices of our President and Prime Minister of India.

During India-Turkey Business Forum, our President talked about launching of the negotiations of Turkey-India Comprehensive Economic Partnership Agreement and the Free Trade Agreement, opening of mutual offices of DEİK or TIM and the Federation of Trade and Industry Chambers of India, increasing the bilateral trade capacity and mutual investments, providing the contribution of Turkish contractors in the "100 Smart City" project initiated by the Indian Government, cooperation in high technology, computer software fields with India and benefiting from mutual experience in the field of nuclear and renewable energy.