Free Trade Agreement Between Turkey And South Korea

The volume of bilateral trade between Turkey and South Korea amounted to about $6.7 billion in 2019, Pecan said, also referring to the trade gap at Turkey`s expense. “Despite a free trade agreement, Turkey`s trade deficit is not sustainable,” the minister said. Ambassador Choi said the volume of trade between the two countries had increased from $16,000 in 1965 to $7.2 billion in 2018, adding that Turkish exports to South Korea were worth $1.2 billion last year, while South Korea exported $6 billion worth of goods to Turkey. Turkey and South Korea signed a free trade agreement on May 1, 2013, and the free trade agreement signed last August made the free trade agreement more effective. “We expect Korea to take concrete steps to develop bilateral trade relations with a win-win principle in a balanced and sustainable manner,” she said. He said that the volume of Turkey`s exports to South Korea had increased by 58.6% in 2018 and added: “At a bilateral meeting in December 2017, the presidents of both countries agreed that the current volume of trade should be increased to $15 billion.” This page lists the free trade agreements signed by Turkey. [1] In 1995, Turkey signed a customs union with the European Union for products other than agricultural products and services. Since 2018, the EU has been Turkey`s main trading partner, with 50% of its exports and 36% of its imports. [2] Turkey has considerable values for entering the EU`s largest economy (December 1995: Turkey signs a customs union agreement with the EU). “We expect more investment and trade in the services sector in the future,” Ambassador Choi Hong-Ghi said in an exclusive interview with Anadolu Agency. A free trade agreement between Korea and Turkey (the “Korea-Turkey Free Trade Agreement”) came into force on May 1, 2013 as Korea`s ninth free trade agreement. South Korea`s ambassador to Turkey said on February 18 that an agreement signed last August would boost the volume of trade between the two countries.

Turkey is an emerging country with the factors that make Turkey a promising market, including its geopolitical importance, market potential and proximity to major markets. With the customs union agreement with the EU and a relatively cheap and abundant labour force compared to Europe, Turkey is an ideal investment target for global businesses. In addition to the framework agreement (framework agreement establishing a free trade area between the Republic of Turkey and the Republic of Korea) and the goods trade agreement (the goods trade agreement between the Republic of Turkey and the Republic of Korea), which includes the free trade agreement between Korea and Turkey, the governments of both countries have agreed to conclude negotiations on an agreement on trade in services and investments within one year. Korea-Turkey free trade agreement.

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