South Korea and Turkey have made progress in
their free trade negotiations narrowing differences on service, investment and other issues, Seoul's trade ministry said Friday.
During the five-day second round of negotiations that started in Seoul on
Monday, both sides discussed a variety of issues such as tariff concessions, services and investment.
Four working groups on services and investment, goods, rules and general provisions also continued to negotiate a draft text of the agreement,
according to Seoul's trade ministry.
Both sides agreed to hold their third round of negotiations in Turkey, in October this year, it added.
Last year, South Korea exported goods worth US$2.66 billion to Turkey and imported goods worth $440 million. South Korean companies invested a total of $233 million in Turkey last year, with their accumulated investment reaching $668 million.
Currently, South Korea has free trade agreements with Chile, Singapore and the European Free Trade Association, as well as similar pacts with the Association of Southeast Asian Nations and India.
South Korea and the United States signed a free trade accord in 2007, but it has yet to be ratified in either the U.S. or South Korean legislatures.
South Korea is also set to sign a free trade agreement with the European Union in the near future, and is actively seeking similar pacts with Canada, Colombia and several other countries.