The Free Trade Agreement (FTA) between Turkey and South Korea will go into effect on May 1, local media reported Monday.

In a written statement, Turkish Economy Minister Zafer Caglayan said that the FTA signed on Aug 1, 2012, between the two countries will go into effect on May 1, 2013.

The agreement consists of a "framework convention and a merchandise trade convention," said the minister, adding that the talks on service trade and investments were to be started in a year after the merchandise trade convention entered into force.

According to the agreement, from May 1, 2013, South Korea will zero 80 percent of its customs, while Turkey will zero 65 percent of the total tariff lines to each other. The two countries will gradually cut the customs to zero in 90 percent of all the tariff lines over 10 years, said Caglayan.