Türkiye and South Korea expand FTA

Sabah – Türkiye and South Korea have agreed to expand their free trade agreement, which entered into effect in 2013, to cover the fields of service and investments. According to the agreement signed by Turkish Minister of Economy Nihat Zeybekci and South Korean Minister of Trade Yoon Sang-jick in Seoul, Turkish and South Korean companies will now be able to form partnerships to do business in third countries.

On an official visit to the East Asian country, Minister Zeybekci said that Türkiye and South Korea shared an historic brotherhood that dated back to the Korean War. “These bonds should be complemented with strong bilateral trade and investments. South Korean companies are welcome to take full advantage of Türkiye’s comprehensive investment incentives and key geostrategic location in close proximity to many emerging markets,” he added.

The FTA between Türkiye and South Korea that took effect in May 2013 covered products only. The two countries traded USD 8 billion in goods and services in 2014.