India-Turkey to raise bilateral trade to 10 bn by 2020

India and Turkey have agreed to encourage business efforts to achieve a level of at least USD 10 billion by2020 in bilateral trade as the trade and investment relations between the two nations had immense untapped potential for growth. The current levels of bilateral trade stand at USD 6.4 billion.

During his visit to India, President of Turkey, Recep Tayyip Erdogan and Prime Minister Narendra Modi expressed their willingness for holding of the Turkey-India Joint Economic Committee Meetings regularly to increase trade.

Prime Minister Modi highlighted that Turkish investments in India’s manufacturing sector, especially in India’s flagship programs like “Make in India” would be mutually beneficial to both sides. President Erdogan agreed that India’s infrastructure requirements and their ambitious vision of developing smart cities match well with Turkish capacities in construction industry. Both Leaders agreed that mutual cooperation in the field of IT, pharmaceuticals, health and tourism is beneficial to growth of bilateral trade between the two nations.

Pointing to the importance of energy in bilateral relations, both Leaders expressed their willingness to improve cooperation in the fields of hydrocarbons, renewable energy and energy efficiency.

Both leaders agreed on the necessity of holding frequent civil aviation meetings to boost bilateral cooperation and discuss the pending issues in that field in order to encourage people-to-people contacts.

India and Turkey are partners in International Cooperation Multilateral Export Control Regimes both are united by common interests in preventing the proliferation of Weapons of Mass Destruction (WMD) and their delivery systems as well as in strengthening Multilateral Export Control Regimes. The two Leaders underlined their shared interest in strengthening global non-proliferation objectives. In this regard, President Erdogan welcomed India’s accession to the Missile Technology Control Regime (MTCR) in June 2016. Prime Minister Modi thanked President Erdogan for Turkey’s support for India’s membership of the MTCR and applications to join the Nuclear Suppliers Group and Wassenaar Arrangement.

Recognizing the need for comprehensive UN reforms including the Security Council expansion to make the body more representative, accountable and effective, both sides agreed to work towards the reform of the UN Security Council in order to enhance its democratic nature and to reflect the reality of the twenty-first century.

The two Leaders jointly agreed that the delegations of both countries to the United Nations must cooperate closely and on continuing with this close cooperation at the UN fora.

The two Leaders reiterated their strong condemnation of and resolute opposition to terrorism in all its forms and manifestations, wherever committed and by whomever, and declared that there could be no justification for terrorism anywhere. Both sides urged all countries and entities to work sincerely to disrupt terrorist networks and their financing, and stop cross-border movement of terrorists.

Both leaders strongly condemned the use of double standards in addressing the menace of terrorism and agreed to strengthen cooperation in combating terrorism both at the bilateral level and within the multilateral system. In this regard, they called for early conclusion of negotiations on the Comprehensive Convention on International Terrorism.

Both leaders laid high emphasis on people-to- people contact and strengthening cultural linkages between the two nations. They agreed that the new Cultural Exchange Programme would further cement cultural connections and institutional relations.

Both leaders agreed that cooperation between India and Turkey in the field of tourism would be useful for enhancing people-to-people contacts between the two nations. In this context, both Leaders expressed their desire to further encourage tourist exchanges between the two countries within the framework of the “Agreement on Cooperation in Tourism” signed in1995.

Prime Minister Modi highlighted in this regard that Indian film industry is now producing films and television shows abroad, which will eventually lead to increased tourist interest.

Both leaders agreed that India and Turkey, being among the top 20 economies in the world with sound economic fundamentals and increasing convergence of positions, could contribute to addressing international issues of mutual interest such as new economic order, stability and security of the respective regions.

President Erdogan  was accompanied by five Cabinet Ministers — Minister of Foreign Affairs Mevlut ÇavuÅŸoÄŸlu, Minister of Economy Nihat Zeybekci, ,Minister of Energy Berat Albayrak, Minister of Culture and Tourism Nabi Avcı, Minister of Transport, Communications and Maritime Affairs Ahmet Arslan, Chief of General Staff General Hulusi Akar, parliamentarians, senior officials and a 150-member business delegation.

During the visit agreements and MoUs signed included Cultural Exchange Program for 2017-2020, MoU between Telecom Regulatory Authority of India (TRAI) and Information and Communication Technologies Authority (ICTA), Cooperation Agreement between Press Trust of India (PTI) and Anadolu Agency (AA) of Turkey,  MoU for Cooperation between Foreign Service Institute of India and Diplomacy Academy of Turkey and Agreement between the two governments on Gainful Occupation for Family Members of the Members of Diplomatic Mission or Consular Post.