Free Trade Agreement between Turkey and South Korea

By Administrator On Mar 26, 2012

Turkish Prime Minister Recep Tayyip Erdogan met with South Korean President Lee Myung-bak in Seoul on Monday.

Following a meeting between respective delegations, Turkey and South Korea signed a Free Trade Agreement Joint Declaration.

Turkish Economy Minister Zafer Caglayan signed the declaration on behalf of Turkey while Minister for Trade Park Tae-ho signed the agreement on behalf of South Korea.

President Lee Myung-bak and Prime Minister Recep Tayyip Erdogan were present at the signature ceremony for the declaration.

Once the necessary preparations have been completed, our ministers will sign the relevant agreements in June at the latest. The Free Trade Agreement is an opportunity to boost economic relations, Erdogan told at the signature ceremony for the declaration, according to Worldbulletin.com.

As of the end of 2011, Turkish-South Korean trade volume stood at seven billion USD. This figure does not reflect the potential. I believe that the Free Trade Agreement to be signed in June will increase the figures to the desired level, Erdogan underlined.

There are many things we could do together in the fields of energy, defense industry, agriculture, ship manufacturing, and engine industry. We can take important steps in information technology. We wait for June excitedly, Erdogan noted.

President Lee Myung-bak and his spouse hosted a luncheon in honor of Prime Minister Erdogan and his spouse Emine Erdogan after the signature ceremony for the declaration.