India, EU Finalize FTA, Turkiye Excluded from Benefits

India and the EU have finalized their free trade agreement (FTA), excluding Turkiye from benefiting through EU provisions. Tensions between India and Turkiye, partially due to the latter's stance supporting Pakistan, have impacted trade dynamics. India's trade with Turkiye witnessed a dip in both exports and imports recently.

India and the European Union have officially completed negotiations on a new free trade agreement, while Turkiye finds itself unable to exploit these terms to export goods to New Delhi. An official confirmed this development, attributing the exclusion to strained diplomatic relations between India and Turkiye.

The tension stems from Turkiye's support for Pakistan, notably condemning India's military strikes on terror camps in Pakistan earlier this year. These political frictions have consequently led to a decline in trade volumes between the two countries.

According to recent data, India's exports to Turkiye fell by 14.1% to USD 5.71 billion, while imports from Turkiye saw an even sharper decrease of 20.8%, accounting for just a fraction of India's total export market. Key exported goods from India to Turkiye include mineral fuels, machinery, and pharmaceuticals, while imports mainly involve marbles, apples, and chemicals.

(With inputs from agencies.)