Turkey and South Korea to sign free trade agreement

Economy Minister Zafer Caglayan said on Sunday that Turkey and South Korea would sign a free trade agreement on August 1. Stating that this will be Turkey's first free trade agreement in Far East, Caglayan said, "Thanks to the agreement, the parties will cut some 90 percent of current trade tariffs in 10 years'time. Some 93 percent of the Turkish exports to South Korea will be tariff-free with the start of the implementation of the deal."