India-Turkey Cooperation Agreement signed

To boost trade and investment between India and Turkey, FICCI and the Union of Chambers and Commodity Exchanges of Turkey (TOBB) signed a Cooperation Agreement that facilitates establishing an India-Turkey Working Committee to identify obstacles in trade and economic cooperation. The two organisations will also co-host and organise ‘Investment Forums' to promote investments opportunities both in India and Turkey.

The Cooperation Agreement was formalised at the B20 Consultative Meeting, organised by FICCI, with Dr Rifat Hisarcıklıoğlu, President, Union of Chambers and Commodity Exchanges of Turkey (TOBB) and Chair, B20. It was signed by Dr Jyotsna Suri, President, FICCI and Dr Hisarcıklıoğlu in the presence of eminent business leaders representing India and Turkey.

The Agreement aims to promote business between the two countries, contribute to industrial and technological collaboration between their enterprises and economic institutions, coordinate and undertake joint efforts to collect, combine, analyse, evaluate and diffuse information in relation to trade, industrial and technological cooperation and investments for the mutual benefit of the two countries, and cooperate in partnering local chambers from India and Turkey to strengthen mutual knowledge and understanding between local businesses as well as exchange of best practices in providing services to their members.

The ‘Investment Forums' will consist of a series of activities in New Delhi and Istanbul, and other cities. It will include roundtable discussions with CEOs, and forums to promote the commercial aspects of the India-Turkish economic relationships.

Prior to the signing and exchange of documents, Dr. Hisarcıklıoğlu highlighted the importance of closer cooperation and need for collaboration between India and Turkey to up trade and investment numbers. He added that the current trade figures were only a drop in the ocean and attributed it to lack of interest and knowledge amongst industry leaders on both sides about the opportunities that were ready to be explored.