The “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) which were signed on 1 August 2012, entered into force on 1 May 2013.
The Agreement on Trade in Goods foresees the elimination of customs duties on all industrial goods within maximum seven years. For agricultural goods, excluding the ones on which Parties have socio-economic sensitivities, Parties have agreed on a dismantling period of maximum ten years.
The Framework Agreement foresees a comprehensive free trade area among Parties and sets out the structure of the Turkey-Korea FTA. To this end, the Agreement on Trade in Services and The Agreement on Investment were negotiated and signed on 26 February 2015 and entered into force on 1 August 2018.
Trade volume between Turkey and Republic of Korea was realized as 7.2 billion US$ in 2017. In 2017, imports from Korea were 6,6 billion US$, whereas exports to Korea were 584 million US$.