31 July 2018•Update: 31 July 2018
By Alex Jensen
SEOUL
The South Korean government said Tuesday it is hoping to make new economic inroads in Turkey as their upgraded free trade agreement comes into effect this week.
The new FTA, which goes beyond goods into the services and investment sectors, was actually agreed in 2015, just two years after their original trade pact went into force.
It was only confirmed last year just after President Moon Jae-in took office in the South, but Seoul revealed at the time that certain processes would have to be finalized.
Moon welcomed Turkish President Recep Tayyip Erdogan to Seoul in May, when a joint release stated that "the South Korea-Turkey free trade agreement has become an important foundation of mutually beneficial economic cooperation by ensuring balanced growth of trade between the two countries."
With the new deal starting this Wednesday, South Korea's Trade Ministry is hoping there will be opportunities for South Korean firms in Turkey's movie and construction markets, according to local news agency Yonhap.
The ministry's data shows that bilateral trade volume rose over 17 percent between 2012 and 2017, reaching $6.12 billion.
