Business · Trade · 1 hr ago
South Korea-Turkmenistan Customs Cooperation Pact Takes Effect
A customs cooperation agreement between South Korea and Turkmenistan took effect on Nov.
15.
The two countries signed it in September during a summit between their leaders.
It gives their customs authorities a framework to share information and provide technical support.
The agreement covers help with customs delays and rejected clearances, as well as information on customs crimes and illegal drug trade.
Trade between the countries grew from $8.9 million in 2021 to $45.2 million last year, nearly five times as much, with South Korean exports making up most of it.
Machinery, cars and parts, and steel are key South Korean exports to Turkmenistan.
South Korea's foreign ministry says the pact should help tackle illegal trade, resolve customs problems and support South Korean businesses in Turkmenistan.
A customs mutual assistance agreement between South Korea and Turkmenistan took effect on November 15, South Korea’s Foreign Ministry said.
The pact provides a framework for cooperation between the countries’ customs authorities, including information exchange and technical assistance.
It covers cooperation on customs delays and refusals, customs crimes and illegal drug trafficking.
The agreement was signed during a South Korea-Turkmenistan summit in September.
Bilateral trade rose from $8.9 million in 2021 to $45.2 million last year, with South Korean exports accounting for most of the trade.
- Who
- South Korea and Turkmenistan.
- What
- A customs mutual assistance agreement took effect, establishing a framework for customs cooperation.
- When
- November 15. It was signed during a summit in September.
- Where
- Between the two countries; a specific location for the agreement taking effect was not stated.
- Why
- To support cooperation on customs information exchange, technical assistance and responses to illegal or improper trade.
This story does not have two clearly opposing sides.
South Korea and Turkmenistan signed the agreement during a bilateral summit.
The customs mutual assistance agreement took effect, South Korea’s Foreign Ministry said.
- Effective date
- November 15
- Agreement signed
- September, during a South Korea-Turkmenistan summit
- Trade in 2021
- $8.9 million
- Trade last year
- $45.2 million
- Main South Korean exports
- Machinery, automobiles and parts, and steel products