India, Turkey trade to cross $5 bn by 2012

India and Turkey have agreed to take their bilateral trade beyond the targetted $5 billion mark by 2012, buoyed by a strong growth in the business activity.

Minister of State for Commerce and Industry Jyotiraditya Scindia met his Turkish counterpart Nehat Ergun and discussed to take bilateral trade and economic cooperation beyond the set target of $5 billion by 2012 and $10 billion in the next 10 years, an official statement said.

The bilateral trade between the two countries is growing at a Compound Annual Growth Rate (CAGR) of about 27% and reached $3.14 billion in 2009-10, it added.

"There are immense possibilities for economic collaboration, joint projects and investments in our regions which are of common interest to both the countries," Scindia said.

Turkey presents the compelling imperative for India to develop a strategic partnership in fields of energy security, infrastructure development, automotives and engineering industry, he added.

Besides, the minister inaugurated the 'India Show' in Istanbul last evening.

Over 160 Indian engineering companies including Tata Motors, Bajaj Precision, HMT International and Mahindra World City have participated in the exhibition, showcasing engineering transformation in India, the statement said.

India and Turkey had set up a Joint Study Group to look at the feasibility of a Free Trade Agreement between the two countries.