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May 9, 2021 12:27 pm
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Israel and South Korea to Sign Free Trade Pact

avatar by Reuters and Algemeiner Staff

Israeli President Reuven Rivlin and South Korean President Moon Jae-in meet at the Blue House in Seoul, July 15, 2019. Photo: Kobi Gideon / GPO.

Israel will sign a free trade agreement with South Korea this week, marking the first such arrangement with an Asian market, Israel’s Ministry of Economy said on Sunday.

The deal is meant to bolster bilateral trade by cutting out customs duties and offering safety nets on investments. Bilateral trade reached about $2.4 billion in 2020, about two thirds of it being goods and services imported into Israel, the ministry said.

The deal will be signed this week in Seoul during a visit by Israel’s foreign affairs and economy ministers.

More than 95% of Israeli exports to South Korea will be customs-free, the ministry said. Israel is working on similar deals with China, Vietnam, and India, it added.

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