Free trade agreement between Turkey and South Korea in effect

Economy Minister Zafer Caglayan stated that the Free Trade Agreement (FTA) between Turkey and South Korea was in effect as of Wednesday. In a statement released on Wednesday, Caglayan said that the agreement would allow 93 percent of Turkey's industrial exports to South Korea to take place tax-free and that both parties agreed on reducing the tariffs to zero gradually in ten years within scope of the Free Trade Agreement.