Korea - Turkiye Free Trade Agreement

Country / jurisdiction: Korea · Year: 2013 · Status: In force · Level: International · Type: Voluntary

The Korea - Turkiye Free Trade Agreement aims at liberalizing trade of goods, services, and investment between the two states. It entered into force on 1 May 2013.

The Agreement covers, among others, the elimination of tariffs for the following goods:

Electric generation equipment

Mechanical equipment including pumps, appliances, and other advanced machinery

Electric motors, transformers, batteries, and capacitors

Motor vehicles

Mineral ore and processed products including graphite, manganese, copper, aluminum, and nickel

Various products manufactured using above minerals and metals such as sheets, powders, bars, and plates

Photovoltaic cells

The Agreement also includes rules of origin and local content provisions. Goods are counted as originating from each country if:

wholly produced or obtained in the country (applicable to minerals, raw materials, and waste and scrap materials)

products have undergone "sufficient working or processing" in the respective Party (applicable to manufactured goods) as defined for each good under the provisions of the Agreement

The Investment provisions of the Agreement forbids performance requirements that require, as a condition of investment, export quotas, domestic content quotas, technology transfer, and other non-tariff barriers. It also carries national treatment and most-favoured nation treatment provisions that require investors from either Party to be treated equally to both domestic investors or those from any other nations.

However, the Agreement does not prohibit either party from taking measures necessary to protect health and natural resources. It also does not prevent either party from taking temporary safeguard measures in the event of serious financial difficulties, threats, or other exceptional circumstances.

Official source: https://www.customs.go.kr/download/ftaportalkor/_down/trty/han_turkey_02_01.pdf