DANCE OF ECSTASY?

Although India and Turkey signed their first bilateral trade agreement in 1973, the relationship between the two countries dates back to 1948 when India helped Turkey in establishing its first ever bank, Isbank. However, it was only in the 90s that trade, especially Indian exports to Turkey, have shown a marked growth. The two nations have witnessed bilateral trade figures bloating up to $1.2 billion in FY05-06 (a rise of 40% over FY04-05). The main items of trade include organic chemicals, cotton, synthetic fibre, plastic articles. But even after this, the total trade between India and Turkey is only 0.48% of India’s the total trade. And this is because both India and Turkey produce a similar basket of export items. Still sectors such as textiles, pharmaceuticals, engineering, railway construction, IT and auto components provide untapped potential for trade. Indian companies like Punj Lloyd, NEPC India Ltd., Vardhaman Polytex Ltd., ISPAT Karmet, Dolphin International Ltd., Ashok Group of Companies, Indian Oil, State Bank of India et al have presence in the land of Turks.

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Source:- IIPM Editorial

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