Korea-Türkiye FTA Joint Committee Upgraded to Ministerial Level, Easing Exports of Auto Parts and Other Intermediate Goods

[Financial News] Following a summit between South Korea and Türkiye, the two countries’ Free Trade Agreement (FTA) Joint Committee was upgraded from director-general level to ministerial level. This is expected to facilitate exports of intermediate goods, including those used in automobiles, to the European Union (EU) via Türkiye.
On the 3rd, Park Jeong-seong, head of the Ministry of Trade and Industry’s Office of Trade Negotiations, received Mustafa Tuzcu, Türkiye’s deputy minister of trade, in Seoul. The meeting took place in connection with Turkish President Recep Tayyip Erdoğan’s visit to South Korea, and the FTA Joint Committee was upgraded in accordance with an agreement between President Lee Jae-myung and President Erdoğan.
Park emphasized that despite the trade imbalance between the two countries, Korea’s exports to Türkiye consist mainly of intermediate goods, making the two economies complementary. As of 2024, intermediate goods accounted for as much as 73% of Korea’s exports to Türkiye. These goods are used mainly in automobiles and household appliances that Türkiye exports to the EU.
Park proposed working to address the trade imbalance raised by Deputy Minister Tuzcu while strengthening investment and industrial and technological cooperation between the two countries. Tuzcu also agreed on the importance of economic cooperation.

[email protected] Kim Yun-ho Reporter