(MENAFN- Qatar News Agency) Seoul April 28 - Trade between South Korea and Turkey has jumped more than 30% over the past year under a bilateral free trade agreement (FTA) aimed at lowering the overall trade barriers customs data showed Monday.
The two countries enacted the FTA for goods on May 1 2013 lowering or removing their import tariffs on nearly all products traded between them. They are now in negotiations for a free trade pact in the service sector according to South Korea's (Yonhap) News Agency.
South Korea and Turkey posted US$6.76 billion worth of bilateral trade over the past year since last May up 30.8% from the trade tallied a year earlier according to the data by the Korea Customs Service.
Exports bound for Turkey surged 33.6% over the same period to $6.06 billion while imports from the country rose 11.1% to $700 million.
This resulted in a trade surplus of $5.36 billion for South Korea which was a 37.2% rise from a year earlier the data showed.
Exports of products benefiting from lower tariffs enforced under the FTA grew 35% on-year while products not benefiting from the trade pact saw their exports grow 30.4% over the same period the data showed.
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