Home / Knowledge / News / Textiles / FTA to boost Korean textile exports to Turkey
FTA to boost Korean textile exports to Turkey
30
Apr '13
The textile and apparel manufacturers of Korea are expecting a boost in exports to Turkey, as the Free Trade Agreement (FTA) between the two countries is scheduled to take effect from May 1, 2013. 
 
Korea and Turkey had started negotiations on a comprehensive FTA, including areas of trade in services and investments, back in March, 2010. Subsequently, after several rounds of negotiations, a FTA was signed by Korean Minister of Economy H.E. Taheo Bark and his Turkish Counterpart H.E. Zafer Çaglayan on 1 August 2012.
 
The Agreement on Trade in Goods, which is part of the FTA, foresees the elimination of customs duties on all industrial goods, including textiles and apparels, within maximum seven years. 
 
In a conversation with fibre2fashion, manager of International Trade Team at Korea Federation of Textile Industries, Mr. Sengloo Joo said, “Our main textile and apparel exports to Turkey are synthetic filament fabrics and knitted fabrics and we are expecting 20-25 percent reduction in export duty to the country with FTA.”
 
“The implementation of FTA with Turkey will benefit the Korean textile and apparel sector as well, as these products cannot be replaced with the textile and clothing products from countries including China and Indonesia,” he informs.
 
With the coming into force of Korea-Turkey FTA, South Korea will benefit with zero customs duty on 65 percent of its products to Turkey and Turkey will benefit with zero customs duty on 80 percent of its products shipped to Korea.
 
Over a period of ten years, the two countries will gradually reduce the customs duties to zero on 90 percent of all their tariff lines.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 8th Dec 2016

Cabinet okays reforms to boost jobs in made-ups sector

The Union Cabinet chaired by prime minister Narendra Modi has given...

Textiles | On 8th Dec 2016

R&D is key to textile industry’s growth: Kavita Gupta

Research and development is the key to the growth of the textiles...

Textiles | On 8th Dec 2016

China’s economy on track to meet growth expectations

China’s GDP has grown at 6.7 per cent in the first three quarters of...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search