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S. Korea to seek deeper economic ties with Turkey via FTA

According to Yonhap News,

SEOUL, Dec. 12 (Yonhap) -- South Korea said Thursday it will seek deeper economic relations with Turkey on the back of the bilateral free trade agreement (FTA) that went into effect six years ago.

In line with the move, officials from the two countries plan to meet in Seoul on Friday to review the FTA that was implemented in 2013 and discuss ways to revamp trade and quarantine policies to lower barriers, according to the Ministry of Trade, Industry and Energy.

Trade between the two reached US$716.9 million in 2018, rising nearly 40 percent from $522.4 million posted in 2012.

Since the FTA, South Korea's exports of pharmaceutical goods to Turkey posted a near sevenfold growth, with those of auto parts also climbing 28.4 percent, according to the ministry.

Seoul's purchase of clothes and aviation parts from Turkey also increased significantly, leading to overall growth of 76.9 percent in imports.

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Source: Yonhap News (Dec. 12, 2019)

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