Turkey has proposed to India commencement of talks for a "Comprehensive Economic Partnership Agreement" (CEPA), asserting that such a pact will enhance bilateral economic and commercial ties.
Observing that India was Turkey's second largest trading partner in the Asia-Pacific region after China, Turkish Foreign Minister Mevlut Cavusoglu also said, "We encourage and invite Indian companies to invest more in Turkey and make use of our investment promotion arrangements which were introduced under Turkey's new investment incentive system."
The bilateral trade volume, which has grown more than six-fold between 2003 and 2014 from $1.2 billion to $7 billion, experienced a slight decrease in 2015.
While Turkish firms' investment in India has risen to $212 million in 2015, India's direct investment in Turkey stands at $110 million. The Minister noted that a Joint Study Group was set up in 2010 in order to explore the feasibility and possibility of concluding a CEPA to further improve business ties through liberalisation and facilitation of trade and investment and it had recommended the Agreement.
"The report is pending approval by the relevant Indian authorities since February 2011. Turkey has reiterated its willingness to start negotiations. We are looking forward to a positive reply from the Indian authorities," Cavusoglu told PTI. He was here to hold talks with Indian leadership including his counterpart Sushma Swaraj on Friday.
"We believe that concluding such an agreement between Turkey and India will enhance our economic and commercial ties by forging mutually beneficial economic partnership. Turkey will continue its efforts to deepen the economic relationship, improve investor confidence, and support economic growth," the minister added.