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 Türkiye
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
Türkiye-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 Türkiye 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 Türkiye 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 Türkiye 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 Türkiye 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 Türkiye and India. However, India has
the opportunity to benefit from discounted tariffs on certain products for
export to Türkiye by making use of the Generalized Preferences System (GSP)
applied by the EU.
The Official visit of President of Türkiye to India
H.E. Mr. Recep Tayyip Erdoğan, President of the Republic of Türkiye, 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-Türkiye 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 Türkiye and Prime
Minister of India.