India pitched for early finalisation of a joint study group report on proposed free trade agreement with Turkey for launching negotiations for a deal.
The issue was discussed during a meeting between Commerce Minister Suresh Prabhu and Turkish Trade Minister Rushar Pekcan here. The draft joint study group report, discussed by both countries in August 2018, needs to be finalised soon so that negotiations may begin, the commerce ministry said.
“India has submitted its chapter to the group and Prabhu requested Turkey to make their submission as early as possible,” it added.
In a free trade agreement, two trading partners eliminate customs duties on maximum number of goods traded between them to boost exports and imports.
Further it said a Turkish proposal to deal in local currency is under consideration of Finance Ministry here. The major Indian exports to Turkey include fuels, man-made filaments and staple fibres, automotive spare parts and accessories and organic chemicals.
Turkey’s exports to India are poppy seeds, machinery and mechanical appliances, iron and steel articles, inorganic chemicals, pearls and precious stones and metals and marble. In 2017-18 bilateral trade was to the tune of $7.2 billion.