South Korea, Turkey Kick Off FTA Review Talks to Deepen Economic Cooperation
Quick Look
- South Korea and Turkey began discussions in Ankara on their bilateral free trade agreement (FTA), signed in 2013.
- The meeting aims to deepen economic cooperation, with trade volume rising to $10.66 billion in 2025.
- South Korea highlighted its contributions to Turkey's economy and expressed concerns over existing trade barriers.
AI-generated summary
Why It Matters
South Korea and Turkey are reviewing their 2013 free trade agreement and discussing ways to enhance economic cooperation. The meeting in Ankara addresses trade volume growth and existing trade barriers.
SEOUL, June 23 (Yonhap) -- South Korea and Turkey on Tuesday kicked off discussions on the outcomes of their bilateral free trade agreement (FTA), which came into effect in 2013, and explored ways to deepen economic cooperation, the trade ministry said.
The South Korean delegation visited Ankara for the two-day meeting as Asia's No. 4 economy seeks to forge closer ties with Turkey, a key geopolitical strategic hub that serves as a gateway to the European market from Asia, according to the Ministry of Trade, Industry and Resources.
The volume of trade between the two countries, which stood at US$5.22 billion in 2012, rose to $10.66 billion in 2025.
"(South Korea) has been contributing to Turkey's output, employment and exports, with major firms such as Hyundai Motor and POSCO establishing production bases in the country to enter the European market," the trade ministry said in a release.
"South Korean exports of materials and parts to Turkey have also helped bolster supply chains and industrial cooperation between the two countries," it added.
During the meeting, which marked the sixth of its kind since the implementation of the FTA, the trade ministry also voiced concerns over existing trade barriers in Turkey affecting South Korean firms, calling for fair examinations in line with international norms.
According to the trade ministry, Turkey currently imposes 19 antidumping and safeguard measures on South Korean goods.
Open Questions
- Will Turkey address South Korea's concerns about trade barriers?
- What specific measures will be taken to deepen cooperation?
