South Korea and Turkey have agreed to elevate their Free Trade Agreement (FTA) joint committee from director-level to ministerial-level. This move aims to address trade imbalances and strengthen cooperation in investment, industry, and technology.
Park Jeong-sung, head of the Trade Negotiation Headquarters at the Ministry of Trade, Industry and Energy, met with Mustafa Tuzcu, Turkey's Deputy Minister of Trade, in Seoul on November 3 to discuss economic cooperation between the two countries. This meeting was held in conjunction with Turkish President Recep Tayyip Erdoğan's visit to South Korea.
During the meeting, the two sides agreed to upgrade the FTA joint committee to a ministerial-level body, facilitating closer discussions on expanding and balancing trade and investment.
Park acknowledged the existing trade imbalance but noted that South Korea's exports to Turkey primarily consist of intermediate goods, fostering a complementary economic relationship. He explained that these intermediate goods, including automobiles and electronics, are mainly used in Turkey's exports to the European Union.
The share of intermediate goods in South Korea's exports to Turkey has increased from 61% in 2013 to 73% in 2024, with the export value rising from $5.02 billion to $6.44 billion during the same period.
Park emphasized the need for comprehensive cooperation, including balanced trade expansion and enhanced investment and industrial technology collaboration. Tuzcu agreed that addressing the trade imbalance is a priority, while also recognizing the importance of economic cooperation through investments from South Korean companies.
Park stated, "This summit lays the groundwork for advancing economic cooperation with Turkey. We will do our utmost to ensure that the ministerial-level FTA joint committee leads to concrete outcomes."
* This article has been translated by AI.
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