New Trade Agreement Discussions Initiated
Representatives from Türkiye and South Korea have launched a new round of talks to review and further develop their existing Free Trade Agreement (FTA), which first entered into force in May 2013. The original agreement, composed of a Framework Agreement and a Trade in Goods Agreement, aimed to gradually eliminate customs duties on all industrial products within a maximum of seven years, while also liberalizing a significant share of agricultural trade over a period of up to ten years. In 2015, the two countries signed additional agreements on trade in services and investment, which entered into force in August 2018 and expanded the FTA into a more comprehensive economic partnership. On the back of these arrangements, bilateral trade in goods rose to around 8–10 billion dollars in the last decade, underlining the strategic importance of the partnership for both sides. During the latest talks, officials from Türkiye and South Korea are reported to be focusing on reducing non‑tariff barriers, simplifying customs procedures and exploring new areas of cooperation such as digital trade, green technologies and supply‑chain resilience. Both governments underline that an upgraded FTA would not only support industrial exporters and investors, but also create new opportunities for small and medium‑sized enterprises engaging in bilateral trade.
