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Turkey, S.Korea to start free trade

Turkey, S.Korea to start free trade
Caglayan said on Friday that Turkey and South Korea would start talks on Free Trade Agreement in April 26 and 30, 2010.

Turkey, S.Korea to start free trade talks in late April

Turkish State Minister Zafer Caglayan said on Friday that Turkey and South Korea would start talks on Free Trade Agreement (STA) in April 26 and 30, 2010.

"Both parties have full determination to conclude and sign STA in November 2010," Caglayan said after talking to South Korea's foreign trade minister Jong-Hoon Kim.

Caglayan said trade volume between Turkey and South Korea was 3.3 billion USD, noting that, "we exchanged views aiming to boost bilateral trade volume. Actual trade volume is very low. We should be in an effort to rise this number."

Caglayan said Free Trade Agreement talks would take place both in Turkey and South Korea, indicating that the first round of talks would take place in April, the second in June and July and the third would take place in October.

-Referring to the memorandum of understanding signed for nuclear energy in northern province of Sinop, Caglayan said Turkey would make more than 120 billion USD energy investments in the next 10 years.

Caglayan said Turkey and South Korea signed an agreement 10 days ago foreseeing cooperation between the businessmen of the two countries in contractor services, engineering, and consultancy.

He said actual cooperation between Turkey and South Korea on defense industry would be further increased noting that the parties could make cooperation in shipping.

Caglayan said inauguration of bank branches in both countries would also contribute to trade, and noted that Turkey and South Korea should boost cooperation in tourism.

Caglayan said he invited businessmen of South Korea to Turkey and added that he would pay a visit to South Korea in summer.

The guest minister said the meeting was very fruitful and that the parties were in consensus of opinion to boost relations in a balanced way.

Trade volume between the two countries in 2009 was $3,350 million as trade balance was against Turkey with $2,281 million.

Turkey's exports to South Korea last year totaled some $234.8 million.


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