S. Korea- Turkey FTA records one-year passage of effectuation with 31% trade increase

June 19, 2014 by Leave a Comment

According to the Korea Customs Service, the trade volume between S. Korea and Turkey has increased by almost 31 percent within one year after the S. Korea- Turkey FTA (Free Trade Agreement) came into effect.

The trade volume between the two nations is estimated to have increased to $6.76 billion, a volume of 30.8% up since May 1, last year, compared to the comparable previous period (estimated $5.17billion). This record outnumbers the average trade increase rate (1.7%) with all trade partners in the same period.

FTA-news The agency said the export to Turkey came to $6.06 billion, up 33.6% than last year while import from the nation reached at $0.7 billion (up 11.1%), consequently S. Korea’s trade surplus made at $5.36 billion(up 37.2% than last year).

The agency analyzed that the export growth rate (35.0%) of beneficiary items from the pact surpassed that(30.4%)of unbeneficial items from it and so the pact contributed to the nation’s trade
growth to the Turkey.

While the import of unbeneficial items by the FTA from Turkey significantly increased to $200 mil. from $60 mil in the last year, the import of beneficiary items from the partner country rather
decreased (12.3%).

The export of synthetic resins, steels, petrochemical raw materials, TV parts, textiles and clothing products, for which tariffs were eliminated upon effectuation of FTA, is founded to have
noticeably increased compared to the same period of the previous year.

The import of machinery parts (valves, bearings), transformers, and clothing also increased. Korean export companies’ usage rate of the FTA with the Turkey recorded 71.4%, a number surpassing that (70.2%) of FTA with the USA.

 
 
korean-electronics.com | Blog Magazine of korean electronics, brands and Goods

Filed Under: Trade news Tagged With: , ,

Seoul, Beijing Agree on 90% Trade Liberalization on a Temporary Basis

October 22, 2013 by Leave a Comment

South Korea and China have reached an agreement on liberalizing or lifting import tariffs on 90percent of all imports during their recent negotiations on a bilateral free trade agreement (FTA). At the seventh round of free trade negotiations in Weifang, Shandong Province in China from September 3-5, the two parties agreed to liberalize or remove import tariffs on 90 percent of all products in terms of the number of products and 85 percent of all imports in terms of their value. Woo Tae-hee, Seoul’s chief negotiator for the FTA, said, “Seoul and Beijing agreed on the modality for the FTA, wrapping up the first-phase negotiations for the FTA,” adding “the level of liberalization could be upped in the fallout of further negotiations.”
As they have tentatively agreed on the liberalization rate of 90 percent in the products sector, 1,200 products or 10 percent of the total 12,000 products subject to negotiations will fall into the ‘super-sensitive’ category immune from liberalization. Accordingly, the government will likely face growing calls from those engaging in the manufacturing industry including agro-fisheries, auto, textile and non-ferrous metal that their products should belong to the category, ahead of second round of negotiations slated for late this year, which will deal with specific products. Besides, the two countries decided to cover the issue of ‘offshore processing zone’ during the coming second-phase negotiations. Namely, they would explore a way of acknowledging products rolled out from Kaesong Industrial Complex of North Korea as South Korea made ones to export them directly to China.

 

By Kim Min-su : Here

Filed Under: Trade news Tagged With: , ,