Turkey, South Korea to finalise trade deal

Korean Foreign and Trade Minister Kim Sung-Hwan recently paid a visit to Ankara to discuss with Turkish officials bilateral ties, focusing mostly on trade, Zaman reported.

The aim off his visit was to boost ties with Ankara to the level of strategic relations. During talks with Turkish Foreign Minister Ahmet Davutoglu, the Korean envoy said that both sides agreed to turn routine relations between Turkey and South Korea into strategic relations and he believed these relations would advance further.

He noted that the current level of trade does not reflect the real potential of both countries and stressed that there was an imbalance in favor of Korean exports at the moment. He said that the trade volume between the countries is currently $5bn, whereas the target is to double it to $10bn in the near future. “We will soon be sending trade delegations to Turkey to work on the imbalance, to buy Turkish products and increase our imports,” Kim said.

He hailed Turkey as an old ally that fought alongside South Korea decades ago, as he pledged that he would work hard to finalise a free trade agreement (FTA) between the two countries.

Meanwhile, Davutoglu and Kim signed the Turkey-South Korea Joint Action Plan before the press conference. In 2010, Korean exports to Turkey stood at $4.76bn, while its imports from Turkey totalled $300mn. Kim also hailed Turkey as “a strategic country that bridges Asia and Europe,” and said Korea appreciated Turkey’s role in the Middle East, referring to the country’s initiatives to contribute to the stability and peace in the region, which has been affected by unrest and pro-democracy protests.

“Turkey has emerged as the fastest growing country after China,” said Kim, and he added that Turkey is now mentioned, along with the BRIC countries (Brazil, Russia, India and China), as a country that has made serious advances in economic development.