Turkey, S. Korea sign framework agreement for free trade

Turkey, S. Korea sign framework agreement for free trade

Turkey and South Korea signed a framework deal on Monday to establish a free trade regime between them, Today's Zaman reported.

Economy Minister Zafer Caglayan put his signature on the Joint Declaration for the Turkey-South Korea Free Trade Agreement (FTA) with South Korean Trade Minister Park Tae-ho in the Far Eastern country's presidential residence, the Blue House. Prime Minister Recep Tayyip Erdogan and South Korean President Lee Myung-bak were also present at the ceremony.

"After the preparations are completed, our ministers will come together and sign the necessary agreements in June at the latest," said Erdogan, noting that it will be a great opportunity for the two countries to forge much stronger economic relations with each other. "This agreement will be a great encouragement, particularly for the development of trade in goods. Similarly, investments by South Korea's well-known brands Posco and Hyundai will be much more profitable and competitive thanks to the FTA," he added.

The bilateral trade volume between the two countries was at some $7 billion last year, most of which were South Korean exports to Turkey. Turkish exports to South Korea were only around $500 million in 2011.

Erdogan made clear that he was not happy with the current weight of commercial relations with the Far Eastern nation. "$7 billion falls short of representing our [trade] potential. I believe that as a result of today's signatures and those that will come in June, this will increase to the level we want. Also they will give us an opportunity to fix the trade imbalance," the prime minister said. For him, key fields where Turkish and South Korean businesses cooperate are energy, defense technologies, agriculture, ship and auto vehicle production as well as information technologies. "We have seen very clearly the positive results of the FTAs we have signed so far. We eagerly await the month of June," he said.

Turkey currently has FTAs with 15 nations as well as with members of the European Free Trade Association (EFTA), a free trade organization of four non-European Union member states in Europe.

Lee visited Turkey at the beginning of February for four days and met with his Turkish counterpart, Abdullah Gul, as well as Erdogan. Aside from South Korean firms' participation in infrastructure projects in Turkey and improving bilateral commercial relations at large, the leaders also discussed the possibility of a nuclear power plant to be constructed by South Korea in Turkey.

Turkey plans to build two power plants, one in Akkuyu on the Mediterranean coast and another in Sinop on the Black Sea coast. Having agreed with Russia on the construction of the Akkuyu power plant, Turkey had talks with Japan to reach an agreement on building a second nuclear power plant on the Black Sea coast, but the talks were suspended after a nuclear power plant accident in Japan following an earthquake-triggered tsunami in March of last year.

In 2010, South Korea and Turkey held intense negotiations on the $20 billion project to build four nuclear reactors on Turkey's Black Sea coast. But the negotiations were suspended after the sides failed to work out key differences.

Prospects emerged for the resumption of these talks when Erdogan asked South Korea to participate in the nuclear power plant project during a meeting with Lee on the sidelines of a G-20 summit in Cannes in November. South Korea relies on nuclear plants for about 40 percent of its electricity needs. It has also been trying to export nuclear power plants since Korean firms won a massive contract in late 2009 to build four atomic power plants in the United Arab Emirates. Turkey is also mulling cooperation with South Korea to manufacture attack helicopters domestically. Meeting Lee in early February, Gul said the country is willing to cooperate with South Korea in manufacturing the Atak helicopter. "We want to cooperate with South Korea on the Atak helicopters, which will be included in the Turkish Armed Forces' [TSK] inventory. In addition, Turkey is also willing to cooperate with South Korea in other areas such as aircraft manufacturing," he said at a press conference with Lee on Feb. 6 in Ankara.

The Atak, officially known as the TAI/AgustaWestland T-129, is an attack helicopter currently under development for the Turkish Army. Turkish Aerospace Industries (TAI) has been commissioned to develop domestic avionics and weapons systems as well as helmet-mounting cuing systems.

Kyrgyzstan is interested in establishing joint Kyrgyz-Korean enterprises
Kyrgyzstan is interested in establishing joint Kyrgyz-Korean enterprises
Kazakhstan's president decides to provide humanitarian aid to Kyrgyzstan
Kazakhstan's president decides to provide humanitarian aid to Kyrgyzstan
President of Kyrgyzstan Sadyr Zhaparov arrives in Batken
President of Kyrgyzstan Sadyr Zhaparov arrives in Batken
Loading Bars
Latest
Food prices continue to climb in April - FAO
Turkey reports over 22 388 COVID-19 cases
At least 23 killed in Rio de Janeiro favela gun battle
Kyrgyzstan is interested in establishing joint Kyrgyz-Korean enterprises
Turkey's 1Q2021 revenues from car export to int'l market grow
We reject, don't recognize decision of Latvian gov't on so-called "Armenian genocide" - Turkish Defense Ministry
Georgia launches campaign to popularize state agricultural insurance program
New “Azerbaijan” Ro-Pax ship built in country’s shipyard to make its first voyage from Port of Baku (PHOTO/VİDEO)
Former Maldives president hurt in blast outside home
Turkey’s inactive COVID-19 vaccine makes it to WHO list
Saudi Arabia showing interest in importing Azerbaijan's AzGranata products
Araghchi arrives in Vienna to attend 4th round of JCPOA talks
Kazakhstan - Greece trade down y-o-y
Georgian banks see profit in 1Q2021
Azerbaijan’s Azerishig company opens tender to buy various combined, storage accessories
Uzbek TPP to use German equipment for energy production
Azerbaijani national team holds podium training for upcoming Rhythmic Gymnastics World Cup in Baku (VIDEO)
International Bank of Azerbaijan opens tender to buy Cisco network switches
Kazakhstan, Russia lift mutual restrictions on import, transit of livestock products
World auto concerns’ production volume to decrease during 6M2021
OSCE Chairperson-in-Office welcomes release of Armenian detainees by Azerbaijan
Greece decreases petroleum oil exports from Kazakhstan
Sputnik Light vaccine can be used for people aged 18-60
Moderna booster increases antibodies against COVID-19 variants, early data shows
Azerbaijan names amount of subsidies paid out for cropping
Yerevan ready to exert all efforts to fulfill trilateral agreements on Karabakh - acting PM of Armenia
Lebanon could gradually go dark as cash for electricity runs out
New greenhouse to be built in Turkmenistan’s Mary region
Several digitalization projects implemented in Kazakh oil & gas sector
Kazakhstan's president decides to provide humanitarian aid to Kyrgyzstan
Real estate purchases soar in Kazakhstan
Saudi Arabia eyes importing finished meat products from Uzbekistan
Azerbaijan's non-oil exports show positive trend despite impact of COVID-19 - minister
Kazakh Kazgeology eyes working on promising areas of natural resources
Main part of Iran's trade carried out by sea - analyst
Israel and Korea to sign free trade agreement next week
EU continues to support Georgia SMEs
Azerbaijan launches system for predicting impact of tax benefits on state revenues
Azerbaijan's AzFina, CBA developing bill on regulation of payment systems
Georgia's minister claims inflation in country to decrease in coming months
Kazakhstan reports increase in oil, natural gas prices
Azerbaijan may change procedure for navigation on inland waters for fishing vessels
Azerbaijan shares data on number of vaccinated citizens for May 6
Construction of Ahmadbayli-Fuzuli-Shusha highway in Azerbaijan continues (VIDEO)
Azerbaijan confirms 844 more COVID-19 cases, 2,057 recoveries
Uzbek-Korean JV to buy power cables via tender
Kazakh-Georgian Economic Union to focus on int'l trade and dev't of transport services - Honorary Consul
First section of Georgian Rikoti Highway to open soon
Kazakh IT company involved in creation of "smart" settlements in Azerbaijan
Japanese TEPSCO to join creating green energy zone in Azerbaijan's liberated territories
Azerbaijan's Mine Action Agency eyes to purchase new mine clearance equipment
Uzbek-Korean JV opens tender for construction of security facility for gas treatment
Turkmen Ministry of Construction extends tender for design of buildings
Georgia to host annual meeting of ADB board of governors
Spain tourist arrivals slump 76% in March, recovery still far off
Azerbaijan's construction sector output to grow till 2026 - expert
Trade ministry discloses volume of cereals imported by Austria from Turkey
Share of mining sector in Baku's industrial production disclosed
Amazing opportunities created for athletes in Baku’s National Gymnastics Arena - Ukrainian Gymnastics Federation
Turkmengas opens tender for purchase of chemicals
Kazakhstan's National Bank unveils preliminary balance of payments data
Statistics on trade turnover between Spain, Turkmenistan revealed
Uzbekistan receives permission to export pomegranates to China
Moderna raises 2021 sales forecast for COVID-19 vaccine to $19.2 billion
Not calling released soldiers as "POWs" by OSCE Minsk Group - outrageous - Armenian media
Tesla developing platform to allow car owners in China data access
Bahar Azadi gold coin price rebounds in Iran
Over 10 mln COVID-19 vaccine doses administered in Saudi Arabia
Russia reports over 7,600 COVID-19 cases in the past day
Revanchist statements in Armenia mustn't be taken seriously - Azerbaijani Security Council
Precious metal prices in Azerbaijan fluctuate
No reason to worry about fulfillment of trilateral statement - Azerbaijan's Security Council
Nominations for gas flows at TAP’s interconnections
Azerbaijan to build road to legendary "Isa Spring" in Shusha city
EU countries agree to open up to Israeli tourists
Turkmenistan names data on deposits in credit institutions
Iran unveils volume of transit through Gilan Province
Largest share of Uzbek textile production falls on Fergana region
Turkey boosts export of cars to Kazakhstan
Turkey publishes data on 4M2021 steel exports
Iran's Amir-Kabir Petrochemical Company beats sets new production record
Turkey's 4M2021 exports of locally-made furniture up in value
Turkey reveals 4M2021 data on export of grains, legumes to Azerbaijan
Exports through Iran's Astara border checkpoint increase
Uzbekistan to launch several TPPs in 2021
Uzbek agency reveals data on most profitable companies
ADB approves loan for construction of Georgia’s Olympic swimming pool
Georgia in talks with Johnson & Johnson and Novavax to receive vaccines
Georgian ISET-PI shares pricing on residential real estate in Tbilisi
Georgian Pension Agency shares data on pension fund's assets
Uzbekistan reveals number of vaccinated people
Kazakh uranium extracting company opens tender to buy spares
Kazakhstan decreases trade with Canada amid COVID-19
China increases import of Turkish-made cars
Turkey reveals 1Q2021 data on cargo movement via local ports from Belgium
Kaspersky Lab shares data on Azerbaijani users facing cyber attacks in 2020
Several facilities in education sector put into operation in Iran
Gold production at Iran's Zarshouran mine increases
Azerbaijan to completely clear "Victory Road" to Shusha city of mines soon
Azerbaijan shares details on mine clearance in liberated territories
All news