09:33 GMT +322 September 2019
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    Turkish President Tayyip Erdogan.

    Payments in National Currencies in Turkey-India Trade to Boost Cooperation

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    The Turkish president said that Turkey and India could use national currencies in bilateral trade instead of US dollars to increase the efficiency of the commercial cooperation.

    ANKARA (Sputnik) — Turkey and India can use national currencies in bilateral trade instead of US dollars for the increase in the efficiency of the commercial cooperation and development of the countries' economies, Turkish President Recep Tayyip Erdogan said Monday.

    "Export and import operations can be carried out in national currencies which would decrease the negative effect of the currency rate fluctuations," Erdogan said during the India-Turkey Business Forum in New Delhi, as quoted by Anadolu news agency.

    The Turkish president added that the transition to payments in Turkish liras and Indian rupees would have a positive impact on the economies of the two countries. Erdogan also noted that the potential of the trade cooperation between Turkey and India was not fully used by the parties.

    "It is time to begin the discussion of the draft agreement of the large-scale economic partnership between the two countries," the Turkish leader stressed, adding that carrying out of the intergovernmental commissions' sessions could contribute to the intensification of cooperation between Turkey and India.

    Erdogan also mentioned the nuclear sphere as one of the possible aspects of cooperation between the countries.

    Erdogan also called on Monday for boosting the country's turnover with India up to $10 billion.

    "We should increase it up to $10 billion as soon as possible," Erdogan told reporters after talks with Indian Prime Minister Narendra Modi.

    Earlier in the day, Erdogan began a major two-day official visit to India by meeting with his counterpart Pranab Mukherjee and Prime Minister Narendra Modi. The visit is the first trip at the presidential level from Turkey to India in seven years.

    According to the Daily Sabah newspaper, citing the Turkish Economy Ministry, the country's exports to India in 2016 reached $652 million.

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    national currencies, trade, Recep Tayyip Erdogan, India, Turkey
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