Turkish - South Korean FTA to begin in May

Turkish - South Korean FTA to begin in May

ANKARA - Anatolia News Agency
Turkish - South Korean FTA to begin in May

FTA between South Korea and Turkey will enter into force on May 1.

Economy Minister Zafer Çağlayan announced yesterday that the Free Trade Agreement (FTA) signed between Turkey and South Korea on August 1, 2012 will enter into force on May 1, 2013.

In a written statement he issued, Çağlayan said the agreement consists of a “framework convention,” and a “merchandise trade convention.” He also said the negotiations on service trade and investments between the two countries were scheduled to be started within a year after the merchandise trade convention entered into force.

Çağlayan said the merchandise trade convention determined the bases of the reciprocal market opening between Turkey and South Korea.

“The parties will gradually taper the customs to zero in 90 percent of all the tariff lines over 10 years. And from the date on which the agreement goes into effect, Korea will zero 80 percent of its customs, while Turkey will zero 65 percent of its own in terms of the total tariff lines,” Çağlayan said. 

At the end of maximum seven years, the reciprocal nullification of the customs in all the industrial products will be completed, while customs of 52 percent of the agricultural products will be abolished after ten years. Çağlayan said the convention would enter into force on May 1st, 2013, adding that during the ongoing negotiations of free trade conventions between the US and EU, it is very important for Turkey to sign a convention at the same time with EU in transatlantic negotiations. “The Free Trade Agreement signed with South Korea is the greatest evidence of this challenging negotiation process,” he said.