Union of Chambers and Commodity Exchanges of Turkey

The signature ceremony was held at the Uğur Ercan Hall at the Economy Ministry, prior to which a bilateral meeting was held between the two ministers. After the meeting, Çağlayan stated that they are witnessing a historic event for both countries, saying that this is an important step in regards to the economic integration of both countries.

- 10 billion Dollar goal

Emphasizing that the trade volume between the two countries, Çağlayan said that it is comprised of 527.8 million Dollars in imports and 6.3 billion Dollars in imports. Stating that they aim to bring balance to the trade between the two countires Çağlayan said, “In the next 2 or 3 years we will increase our foreign trade to over 10 billion Dollars and make it as balanced as possible. The FTA will make this possible. We will have completed the approval process and bring it into affect by the end of this year.”

Çağlayan also pointed out that the 688 million Dollar investment volume is too little and that, hopefully, the new Incentives System will help in this regard.

- “The FTA will develop the trade between the two countries”

South Korean Trade Minister Taeho Bark stated that there are many opportunities for cooperation between the two countries. Stating that the relations between Turkey and South Korea have reached the level of strategic partnership recently, Bark said, “However, something was missing. An FTA. This FTA will provide a foundation for the formation of a systematic partnership between the countries.”

Stating that the agreement signed today is the first agreement he has signed since becoming a minister, Bark said that the agreement holds special fondness for him.