Turkey, South Korea sign free trade agreement
Azerbaijan, Baku, May 1 / Trend, A. Taghiyeva /
Turkey and South Korea signed a free trade agreement yesterday, the Sabah newspaper reported on Wednesday.
According to the report, South Korea became the first Asian country with which Turkey has signed a free trade agreement. It is expected that after this, there will be an increase in South Korean investments in Turkey and trade turnover between the two countries will increase.
According to the newspaper, South Korea and Turkey have set a goal to increase trade turnover from $6.2 billion to $10 billion in the short-term. At the same time, cooperation in the energy and automotive industry will also be enhanced.
It is expected that after signing the agreement, the number of South Korean companies in the automotive industry will increase in Turkey.
Turkey and South Korea are also going to gradually abolish customs duties and taxes within 10 years. During the first stage, South Korea will reduce customs duties for Turkey by 80 per cent. Turkey, in turn, will reduce the customs taxes for South Korea by 65 percent.