South Korea To Begin FTA Talks With Turkey
Thursday, February 25, 2010
South Korea and Turkey are expected to enter into the first stage of talks
for a free trade agreement (FTA) between the two countries in April this year.
The first phase of the process towards an FTA will be a bilateral forum to
be held next month in Istanbul, where governmental and business representatives
will discuss how to produce a framework for the subsequent talks.
Although the timing is short, Turkish officials are reported to have expressed
the wish to have the bilateral FTA in place before the South Korea-European
Union FTA comes into effect, possibly by the end of this year. Otherwise, they
fear that trade between the two countries, which has already been reduced sharply
by the economic recession, will be further adversely affected.
South Korea’s exports to Turkey dominate the trade relationship, with
total trade estimated at USD3.1bn in 2009, and reduced by USD1bn from the previous
year. However, Turkey would hope that its agricultural and textiles exports
would be able to benefit from any future agreement.