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Turkey and South Korea sign major trade deal

Staff writer |
Turkey moved to develop its multi-billion dollar bilateral trade with South Korea by signing a deal to harmonize their customs systems-the first such deal between the Asian nation and a European country.

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The Mutual Recognition Agreement signed in Istanbul "will enable Turkey and South Korea to improve their cooperative partnership" said Turkey's customs minister, Hayati Yazici.

This latest deal comes in the wake of a 2012 free-trade agreement between Turkey and South Korea which has facilitated increased trade and closer business ties.

Signed between two or more customs administrations, MRAs outline the circumstances and conditions in which Authorized Economic Operators are recognized and accepted between the signing parties.

Turkey has plans to start talks about similar customs harmonization with India, Jordan, Malaysia, Hong Kong and Mexico.

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