If remaining issues for a free trade agreement are settled within the first half of this year, Turkey could become Korea's ninth FTA partner. Turkey is the fastest-growing country among members of the Organisation of Economic Cooperation and Development and the trade deal is expected to open up more markets for Korea.

Korea's exports to Turkey last year were valued at more than US$5 billion, while imports stood at $800 million, leading to a trade surplus of over $4 billion. As well as giving these figures a boost, the free trade deal is expected to provide more opportunities for Korean companies seeking to enter Turkey, while for Turkey, the deal could be a gateway into the East Asian market.

Although the two countries have settled most of the issues in goods trade, they still need to narrow their differences in issues regarding the service and investment sectors.