India, Turkey should start FTA negotiations: Envoy

NEW DELHI: India and Turkey should soon start negotiations for signing a Free Trade Agreement ( FTA) for which a joint study has been conducted, Turkish Ambassador to India Burak Akcapar has said.

"We need an FTA which will bring down the cost of traded goods between the two countries. We have to make sure that our bureaucracies run efficiently and fast in facilitating trade between the two (countries)," he told reporters last evening on the sidelines of a function here.

He said that a joint study, which was conducted last year, needs to be considered by both sides to start the FTA negotiations.

In 2011, the bilateral trade between the two countries stood at over USD 7.3 billion.

Akcapar said under the current dispensation, bilateral trade will not be able to rise much more than it has already achieved.

"Already this year we are seeing a little bit of slowdown. Therefore, I think we need to step up in formulating a new framework which would promote these trade exchanges," he said.

Stating the trade surplus is in favour of India, the Ambassador said, high import duties and other trade barriers like restrictions on quantity to be imported by India are limiting trade.

He said there are many exportable items from Turkey to India which attract high duty.

Asked whether Turkey is planning to withdraw safeguard duty on imports of Indian cotton yarn, he said, "No, not that I know of. But everything is negotiated and our solution to everything is FTA. We are a free trading country".

Talking about Indian investments in Turkey, Akcapar said, they are growing though they have not tapped the full potential in the European nation.

Also, Turkish investments in India are less which need to be increased, he added.

He also offered his country's expertise in the infrastructure sector.

"Turkish infrastructure sector, in terms of its international portfolios, is second only to China," he said.