South Korean president says FTA to boost economic relations

ISTANBUL (A.A) - February 5, 2012 - South Korean President Lee Myung-bak has said that a free trade agrement (FTA) between Turkey and South Korea would boost economic relations, adding that they would work to conclude it soon. Lee attended South Korea-Turkey CEO meeting organized by the Foreign Economic Relations Board of Turkey (DEIK) in Istanbul. Turkey was one of the fastest growing countries despite a global economic crisis, Lee said. There was a great potential in development of economic relations between the two countries and businessmen were eager to use this potential, he said. Turkish Economy Minister Zafer Caglayan said that they wanted foreign trade between Turkey and South Korea to be boosted in a balanced way. "Turkey's exports to South Korea are 500 million U.S. dollars, while South Korea's exports to Turkey are more than 6 billion U.S. dollars," he said. Caglayan said that both countries would benefit from FTA to enhance investments, adding that Turkey was ready to sign the agreement.