Caglayan says FTA with South Korea to enter into force in may

Economy Minister Zafer Çaglayan stated yesterday that the Free Trade Agreement (FTA) which was signed between Turkey and South Korea on August 1, 2012 would enter into force on May 1, 2013. Caglayan also said that the reciprocal nullification of the customs in all the industrial products would be completed at the end of maximum seven years and customs of 52 percent of the agricultural products would be abolished after ten years. Caglayan added that Turkey’s exports to South Korea amounted to $528 million with imports totaling approximately $660 million.