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Turkish economic official: agreements to facilitate trade with India

10-09-2020 | admin

Through a recent goodwill agreement signed with a bank, turkey is seeking a recent goodwill agreement between the Turkish Foreign Economic Relations Council (DEİK) and a bank.

Taoufik Dunhams, chairman of the Turkish-Indian Labor Council of the Council on Foreign Economic Relations, said that through the goodwill agreement signed between the Council and Emirates NBD, they aim to facilitate and improve trade and investment relations with India.

"India is experiencing some problems like other countries because of the Corona pandemic, but it is going through a period of transition through its agriculture-based economy, self-sufficiency, and vital population," Dunms said.

** Advanced relationships

Dunms touched on the evolving Indo-Turkish relations, noting that "civil aviation between Turkey and India has recently reopened."

"We are confident that our trade, economic and cultural relations with India, which reached 300,000 in 2019, an increase of 100 percent in two consecutive years, will gain significant momentum as life returns to normal following the Corona pandemic."

India, which has one of the best growth rates in the world, is among the 17 countries in the Turkish Ministry of Commerce's export master plan, Dunms said.

"Although trade and investment relations between Turkey and India have gained momentum in recent years, they unfortunately do not reflect the specific potential of both countries, so the goal should be to increase the volume of trade between the two countries."

** $20 billion

Dunhams reported that the trade volume currently stands at $8.5 billion, and the goal is to reach $20 billion. Turkish exports to India in the machinery, cement and inorganic chemicals sector have increased by 1.3 times in the past five years."

"Energy exports to India have also increased from $18 million in 2013 to $120 million today, with increased exports of dried fruits and products, aquatic products, animal products, fresh fruits and vegetables," ardov said.

He stressed that "Turkish companies, members of the Turkish-Indian Labor Council of the Turkish Council of Foreign Economic Relations, are carrying out important projects within India, and I am confident that trade and investment relations between the two countries will be accelerated by the signing of larger projects."

The Turkish official stressed that "a large part of Turkey's imports from India, due to its needs for raw materials. The health, food and construction sectors have high potential for trade between India and Turkey."

He said: "The aim of the Turkish-Indian Labor Council is to increase the volume of bilateral trade permanently, by supporting companies that want to enter the Indian market in the target sectors, and providing the necessary possibilities for establishing the right cooperation."

"We continue our efforts to develop win-win strategies that will benefit Turkey and its Indian friends through a variety of activities and agreements."

He added: "We clearly disclosed the most problematic issues in bilateral trade between the two countries, in the goodwill agreement with Emirates NBD."

** Strengthening cooperation

"With this agreement, we have taken an important step towards strengthening cooperation with Emirates NBD, which has cooperative relationships with 15 public and private banks within Turkey and has been engaged in commercial and banking activities in Mumbai, India, since 2017," said Dunms.

He added: "Through this agreement, emirates NBD's Turkish-Indian Business Council has made clear the need to take many important steps in relation to low-cost letters of guarantee, quick financial transfers, and the addition of members of the Relations Council to the bank's corporate distribution list."

** Memorandums of Understanding

In the same vein, Dunms explained that they also signed a memorandum of understanding with The Bank of Bahrain and Kuwait through the Labor Council, and that members of the Turkish Foreign Economic Relations Council can work professionally and privately with the bank, which has five branches in four Indian states.

He said the problems between Turkish and Indian banks have a negative impact on bilateral trade.

"Our main problem with Indian banks was that they do not use their messaging networks with Turkish banks, and therefore cannot work with them directly," he said.

"When Turkish companies wishing to do business in India needed bank guarantees, the intervention of a third country bank cooperating with the banks of both countries significantly increased costs."

"With this agreement, we have overcome all the problems of the parties concerned and worked to remove them." We are confident that increasing this type of cooperation will raise the statistics of bilateral trade data between the two countries."

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Source/Anatolia News Agency