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World Bulletin / News Desk

Turkish Economy Minister Zafer Caglayan and South Korean Trade Minister Taeho Bark signed a free trade agreement between the two countries during a ceremony in Turkish capital Ankara on Wednesday.

Caglayan said that the two countries which had two trillion USD of national income, 1.5 trillion USD of foreign trade volume and more than 120 million population took an important step in the aspect of economic integration by signing Free Trade Agreement.

I hope this free trade agreement, which is a first for Turkey in Far East, will help the two countries to learn about each other more, said Caglayan, adding that the two countries would make important partnerships in third countries within the scope of the agreement.

Caglayan said that South Korea was the 7th biggest exporter and 10th biggest importer of the world, adding that Turkey's share was around 1.5 per thousand in South Korea's total import worth of 524 billion USD.

Caglayan also said that the investments of South Korean businessmen in Turkey, which was 688 million USD, was not enough, and he expressed hope that the figure would increase thanks to Turkey's New Incentive System.

Caglayan said that Turkey would sign free trade agreements with Malaysia and Japan soon.

Meanwhile, South Korean minister said that the relations between Turkey and South Korea recently increased to the strategic partnership level, adding that the Free Trade Agreement would be a basis to set up a systematic cooperation between the two countries.

Bark expressed belief that the agreement would boost the commerce between Turkey and South Korea.

Under the Free Trade Agreement, Turkish entrepreneurs will gain important advantages by benefiting from South Korea's free trade agreements with other countries, added Bark.