Free Trade Agreement between South Korea and Türkiye
Turkey and South Korea have become an important partnership with the foreign trade volume. It is aimed to further develop business relations between Turkey and South Korea and to grow foreign trade. Thus, the “Framework Agreement” and “Commodity Trade Agreement” on the gradual liberalization of trade in goods between Turkey and South Korea within the scope of the Free Trade Agreement (FTA) entered into force on May 1, 2013, while the “Services” Trade Agreement and “Investment Agreement” on entered into force on 1 August 2018. With the entry into force of the agreement, customs duties were zeroed on 65 percent of the tariff lines in Turkey and 80 percent on the Korean side. Thus, exports and imports from South Korea became exempt from customs duties on all industrial products. Removal of tariff and non-tariff barriers to trade in goods, rules of origin, customs and trade facilitation, technical barriers to trade, trade policy measures, dispute resolution, trade in services and investments, intellectual property rights, competition, transparency, trade and sustainable development, and institutional provisions are included in the agreement. In accordance with the Free Trade Agreement, the parties committed to mutually reset 90% of all tariff lines by January 1, 2023. The parties, at the end of a maximum of seven years in all industrial products; undertakes to zero the customs duties on agricultural products at the end of a maximum of ten years, excluding sensitive ones. With this trade agreement, it is aimed to encourage business people to trade from South Korea. Thus, when companies prefer to import from South Korea, they both have quality products and have the chance to import at a more affordable cost. If you need to make trade from South Korea you can contact us. As a GBC İstanbul team, we can help you to get very high quality products at reasonable prices from South Korea!
By: Dilan Aytekin
