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S. Korea, Turkey open 2nd round of free trade talks
SEOUL, July 19 (Yonhap) -- South Korea and Turkey kicked off Monday their second round of negotiations aimed at framing an ambitious free trade agreement (FTA).
During the five-day talks, the two sides will discuss a variety of issues such as tariff concessions, services and investment.
Four working groups on services and investment, goods, rules and general provisions will continue to negotiate a draft text of the agreement, according to Seoul's trade ministry.
The ministry said the signing of an FTA with Turkey is expected to increase bilateral trade sharply and give a boost to the two countries' economic cooperation in sectors including energy and construction.
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 April, and is actively seeking similar pacts with Canada, Colombia and several other countries.
sam@yna.co.kr
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