Korea submits FTA with Turkey to parliament for ratification

South Korea's government on Wednesday submitted a free trade deal with Turkey to the National Assembly for ratification, the final step needed for Seoul to put the pact into effect, the trade ministry said.

After nearly two years of negotiations, South Korea and Turkey signed the free trade agreement on manufactured goods on Aug. 1.

The two countries plan to hold further talks this year to conclude a full-fledged pact that also covers services and investment.

The trade ministry said it hopes the National Assembly will approve the pact before year's end so that it can take effect at the beginning of next year.

The agreement is expected to provide South Korean firms with greater access to the fast-growing Eurasian economy of 74 million people. The pact is also expected to enable Korean firms to export goods to other parts of Europe, the Middle East and Africa via Turkey at low prices.

Turkey's economy grew 7.8 percent last year following a 9-percent expansion a year earlier.

Last year, South Korea exported goods worth $5.1 billion to Turkey and imported goods worth $800 million. In 2010, their bilateral trade reached $4.27 billion. (Yonhap News)