Turkey-India Economic and Trade Relations

Main Economic Indicators (2018)

GDP (trillion $)

:

2.72

GDP Growth Rate (%)

:

7.3

Population(billion)

:

1,3

GDP Per Capita ($)

:

1.942

Inflation Rate (%)

:

4

Unemployment rate (%)

:

8.4

Exports(fob-billion $)

:

338,4

Imports(fob-billion $)

:

522,5

Bilateral Trade Volume (billion $) (2019)

:

7.801

Source: Ministry of Trade.

The most important export markets for India : USA, UAE, Hong Kong.

Main Countries for Indian Imports: China, USA, UAE.

Main Export Items: Precious stones, pearls, mineral oils, land vehicles, machines, nuclear reactors, organic chemicals, pharmacy.

Main Import Items: Crude oil, precious stones, pearls, electronic machines, nuclear reactors, organic chemicals.

Bilateral Economic and Trade Relations Between India and Turkey

Figures of export, import, trade volume (million $)

Year

Export

Import

Volume

Balance

2015

650,3

5.613,5

6.263,8

-4.963,1

2016

651,7

5.757,2

6.408,9

-5.105,5

2017

758,5

6.216,6

6.975,1

-5.458,1

2018

1,121,5

7.535,7

8.657,2

-6.414,2

2019

1,166,5

6,635,2

7.801,7

-5,468,7

2020/3 months

244,6

1,360

1,604,6

-1,115,4

Main Export Items to India: Gold, marble, oil seeds, raw metals.

Main Import Items to India: Petroleum, textile yarn and related products, vehicle spare parts.

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 joint meeting of the Business Council, which was established in 1996, was held in Istanbul on 20 January 2011.

- 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 : Number of Indian tourists visiting Turkey steadily increased with 86 thousand in 2017, 147 thousand in 2018, and 230 thousand in 2019. Recently, there has also been a significant increase in the number of Indian couples preferring Turkey for their wedding ceremonies.

Mutual economic agreements:

The Agreement on the Avoidance of Double Taxation (1996) and the Agreement on the Mutual Assistance in Customs Matters (2015) 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 President of Turkey 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 met with H.E. Mr. Pranab Kumar Mukherjee, President of India, and received H.E. Mr. Narendra Modi, Prime Minister of India.

The talks focused on enhancement of mutual investments, diversification of bilateral cooperation, development of cooperation in the field of nuclear energy, civil aviation, medicine, space and technology as well as holding Joint Economic Commission Meetings regularly.

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 President of Turkey and Prime Minister of India.