USEUROPEAFRICAASIA 中文双语Français
World
Home / World / Asia-Pacific

Turkey, S. Korea's FTA to be effective in May

Xinhua | Updated: 2013-04-01 16:08

ANKARA - The Free Trade Agreement (FTA) between Turkey and South Korea will go into effect on May 1, local media reported Monday.

In a written statement, Turkish Economy Minister Zafer Caglayan said that the FTA signed on Aug 1, 2012, between the two countries will go into effect on May 1, 2013.

The agreement consists of a "framework convention and a merchandise trade convention," said the minister, adding that the talks on service trade and investments were to be started in a year after the merchandise trade convention entered into force.

According to the agreement, from May 1, 2013, South Korea will zero 80 percent of its customs, while Turkey will zero 65 percent of the total tariff lines to each other. The two countries will gradually cut the customs to zero in 90 percent of all the tariff lines over 10 years, said Caglayan.

Most Viewed in 24 Hours
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US