August 02, 2012 - "Framework Agreement Establishing a Free Trade Area between the Republic of Turkey and the Republic of Korea" (Framework Agreement) and the "Agreement on Trade in Goods between the Republic of Turkey and the Republic of Korea" (The Agreement on Trade in Goods), concluded as a result of the free trade agreement negotiations (FTA) which started in 2010, March 9th, were signed on 2012, August 1st in Ankara by the Minister of Economy H.E. Zafer ÇAĞLAYAN and Korean Minister of Trade H.E. Taeho BARK.
While the agreements will enter into force once both Parties complete the domestic approval requirements, the Ministers have declared that such requirements are aimed to be fulfilled by the beginning of the year 2013.
The Turkey-Korea FTA is currently constituted by “The Framework Agreement” and “The Agreement on Trade in Goods”. The Framework Agreement schedules the negotiations to be commenced on trade in services and investments. Accordingly, Turkey and Korea will initiate negotiations on these areas one year after the entry into force of the Agreement on Trade in Goods. Moreover, the Agreement provides the flexibility to include any other area, which may be agreed by the Parties, to the coverage of the FTA.
“The Agreement on Trade in Goods” stipulates the rules of the mutual market liberalization to be provided by Turkey and Korea. In this regard, the Parties will eliminate all customs duties on 90% of all their tariff lines at the end of 10 years. By the entry into force of the Agreement, in terms of tariff lines, Korea will eliminate customs duties on 80% and Turkey will eliminate on 65% of their respective tariff lines. While the mutual elimination of all customs duties on all industrial goods will be completed at the end of 7 years at the longest, customs duties of 52% of the agricultural goods will be removed at the end of 10 years.
Source: Ministry of Economy