The free trade agreement (FTA) between South Korea and Turkey will take effect on May 1, the trade ministry said Tuesday.

With the bilateral free trade deal coming into force, industry protection tariffs ranging from 20 to 30 percent will not be imposed on South Korean products exported to Turkey starting from Wednesday, according to the Ministry of Trade, Industry and Energy (MOTIE) here.

Turkey will abolish tariffs on all industrial products imported from South Korea within next seven years. It is expected to help South Korea take the lead in the Turkish market compared with Japan that has been carrying out a joint research with Turkey for a bilateral free trade pact.

Seoul and Ankara planned to negotiate over the service and investment sectors, targeting the signing of the free trade deal in those sectors within one year. The FTA that will take effect the next day is limited to the goods sector.

Turkey was South Korea's 25th-largest trading partner as of 2012, with South Korean exports to Ankara reaching 4.55 billion U. S. dollars last year. South Korea's major export items to Turkey included synthetic resin, automobiles, auto parts, ships and construction equipment.