Turkey Hopes For Progress In FTA With South Korea

Turkey’s Economy Minister Zafer Çaglayan has said that it is hoped that substantial progress can be made in negotiations on the proposed free trade agreement (FTA) between Turkey and South Korea by the end of this year.

The first stage of talks on the bilateral FTA began in April 2010, with the latest round being held in March this year. While Çaglayan disclosed that the two sides were closer to agreement on their trade in goods, which he hoped could be concluded by the end of 2011, there were still differences over such issues as services and investment. It is hoped that the next meeting on the FTA will be held in October.

South Korea’s exports to Turkey dominate the trade relationship. It was reported that its exports to Turkey amounted to some USD3.75bn in 2010, with its imports from Turkey reaching only around USD500m.

However, while Turkey would hope that its agricultural and textiles exports would be able to benefit from any future agreement, South Korea is also aware of Turkey’s importance as a gateway to Europe, the Middle East and Central Asia. South Korean companies are also interested in making substantial investments in Turkey, in such areas as nuclear power, construction, steel-making and electronic products.

August 16, 2011

Source: Tax News