South Korea's Ministry of Foreign Affairs and Trade said the country has started assessing the impact of free-trade agreement (FTA) with Turkey, and is also seriously considering to start formal talks for FTA with Peru, Korea Herald reported Thursday.
According to the ministry, the South Korean government has already hired experts to investigate the effects of free trade with Turkey on the country's economy.
The ministry said South Korea's FTA with the European Union, which is currently being discussed by the two parties, is motivating Turkey to seek a trade pact with Asia's fourth largest economy.
If both agreements conclude, Turkey could expand its business opportunities in the European market, while maximizing the benefit from the FTA with South Korea, the ministry said.
The Korea Herald said, once South Korea settles FTA talks with the EU, it is likely that the country with proceed negotiations with Turkey.
In terms of trade agreement with Peru, the ministry said the conditions have been already established for both parties to start talking.
The ministry said government authorities of South Korea and Peru have considered discussions for pursuing a bilateral FTA during the APEC summit, which will be held in Peru in the coming November.
If the negation concludes, Peru will be the second Latin-American country to set an FTA with South Korea followed by Chile in 2004.
Source:Xinhua
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