An article from the journal of Turkish Weekly reports that Turkey and South Korea signed a free trade agreement on May 2, 2013. South Korea became the first Asian country with which Turkey has signed a free trade agreement. And according to another article, this isn’t the only first for this FTA.
The FTA is expected to increase South Korean investments in Turkey and trade turnover between the two countries will increase. According to the newspaper, South Korea and Turkey have set a goal to increase trade turnover from $6.2 billion to $10 billion in the short-term. During this time, it is expected that the energy and automotive industries will be enhanced, while the amount of South Korean companies in the automotive industry will increase in Turkey.
Turkey and South Korea are gradually going to abolish Customs duties and taxes within 10 years. To access the full article, click here.