UCLBS News

December 9, 2020

Free Trade Agreement Between India And Turkey

Filed under: Uncategorized — Administrator @ 5:42 am

On 18 March 2012, Burak Akapar, The Ambassador of the Republic of Turkey to India, announced that Turkey was attempting to double flights from India and to open four additional connecting points. Other destinations are Hyderabad, Chennai, Kolkata and Bengaluru. Turkish Airlines currently flies to Istanbul daily from Mumbai and New Delhi. A joint study on a free trade area has been carried out, but has yet to be signed. He also announced that the consulates in Chennai and Hyderabad in southern India were planned, as the authorization had been introduced by the Indian government. [14] 2. In the event of a change in the current situation and the re-establishment of the quota system under the currency of the trade agreement, the two governments will negotiate an appropriate quota of jute supplies for Turkey and the Indian government will endeavour to meet the appropriate requirements of the Turkish government. Bilateral Cooperation Mechanisms: – Common Economic Commission (JOC): The mechanism of the Joint Committee for Economic and Technical Cooperation (JEC) between Turkey and India was established by the Economic and Technical Cooperation Agreement signed in 1978, and ten CME meetings have been held between the two countries to date. The last ECJ meeting (10) between Turkey and India was held in New Delhi from 30 to 31 January 2014. – Economic Council: the last joint meeting of the Economic Council, established in 1996, was held in Istanbul on 20 January 2011. The EU has decided to focus on bilateral trade agreements as an instrument for boosting growth, with the introduction of its new “Global Europe” trade strategy in 2006.

In line with this strategy, the EU has begun negotiating free trade agreements with specific provisions on services, investment, public procurement and intellectual property rights, in order to increase/maintain its competitiveness in global markets. Turkey is preparing for such an environment. After starting and starting negotiations in parallel with the EU, Turkey is also adapting to all the issues covered in the agreements and negotiating next-generation free trade agreements with its potential partners. Relations between India and Turkey concern external relations between India and Turkey. Since the establishment of diplomatic relations between India and Turkey in 1948, political and bilateral relations have generally been marked by warmth and cordiality, although sporadic tensions persist due to Turkey`s support for Pakistan, India`s rival. [1] [2] India has an embassy in Ankara and a consulate general in Istanbul. Turkey has an embassy in New Delhi and a consulate general in Mumbai. In 2015, bilateral trade between India and Turkey amounted to $6.26 billion.

[3] More than 150 Indian-owned enterprises have registered companies in Turkey in the form of joint ventures, businesses and representations. These include M/s Polyplex, GMR Infrastructure, TATA Motors, Mahindra – Mahindra, Reliance, Ispat, Aditya Birla Group, Tractors and Farm Equipment Ltd, Jain Irrigation, Wipro and Dabur. Turkey ranks 41st in FDI flows to India. Cumulative Turkish direct investment in India is $87.18 million (April 2000 – Apri2014). In September 2019, Turkey criticized India on the issue of Jammu and Kashmir and the repeal of Article 370. She spoke out against India at the United Nations. It has thus fostered Pakistan`s position in this regard. That is why relations between India and Turkey have led to a temporary burden.

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