ANKARA

Turkish Minister of Economy Zafer Caglayan stated that the Free Trade Agreement (FTA) between Turkey and South Korea was in effect as of Wednesday allowing 93 percent of Turkey's industrial exports to South Korea to take place tax-free.

Both parties agreed on reducing the tariffs to zero gradually in ten years within scope of the Free Trade Agreement, was told in a statement released on Wednesday.
Stating that 93 percent of Turkey's industrial exports would enter South Korea free of customs tax, Caglayan said that a seven year agenda was set to implement a reduction on customs tax for some electronics, iron and steel, textile and automotive imports from South Korea which corresponds to 22 percent of South Korean exports to Turkey.