The governments of Korea and Turkey on Monday provisionally signed a bilateral free trade agreement, completing three years of negotiations.
“Turkey is an emerging economy with high market potential and promising export market that is showing stable growth, ” the Ministry of Knowledge Economy said in a statement.
“With a geopolitically important location connecting Europe, Asia, the Middle East and Africa, Turkey will serve as a bridgehead for Korean businesses’ entrance to neighboring markets.”
Tariffs on all industrial products traded between the two countries will be eliminated within seven years after the FTA takes effect. Korean exporters of autos, auto parts, petrochemicals, steel and textiles are expected to benefit most in the long term.
Korea posted a surplus of $4.28 billion in trade with Turkey last year, with $5 billion in exports and $800 million in imports.
Kim So-hyun (email@example.com)