[FTA HONG] Summary of the Korea-Türkiye(Turkey) FTA (FTA utilization rate, FTA utilization by industry, and summary of highlights)
As a geopolitical hub connecting Europe, Asia, and the Middle East, Türkiye(Turkey) is an important FTA for Korea's exports and imports. Korea used the name Korea-Turkey FTA when the FTA entered into force, but as Turkey changed its name to "Türkiye," Republic of Korea government decided to follow suit. Therefore, businesses can now use both Turkey and Türkiye. For example, when filling out a Declaration of Origin, a valid Declaration of Origin is accepted even if the documentation for goods imported from Türkiye (formerly Turkey) lists the changed country name ("Türkiye", with ü being an umlaut). As of 2022, the export utilization rate of the Korea-Türkiye FTA is 75.5% and the import utilization rate is 67.9%. In terms of FTA utilization by industry, textiles are the highest at 84.3% for exports and minerals are the lowest at 38.2%. For imports, plastic rubber and leather products have the highest utilization rate of 95.9%, while textiles have the...