The flag of South Korea. Israel and South Korea announced that they will hold free trade negotiations in Seoul. Photo: Wikimedia Commons.

JNS.org – Israel and South Korea on Tuesday announced that they will hold free trade negotiations in Seoul two months from now.

“A free trade agreement between Israel and South Korea will be a significant milestone in trade relations between the two countries and carry significant economic potential for them, as well as economic relations between Israel and Asian countries in general,” Israeli Economy Ministry Director-General Ami Lang said.

The decision resulted from a meeting in Jerusalem on Monday between Lang and South Korean Deputy Trade Minister Tae Hee Woo, in which they discussed expanding bilateral trade and investment as well as cooperating in the technological, agricultural, and industrial sectors.

In the last few months, Israel has also announced free trade talks with China and Vietnam. Israel’s Economy Ministry expects the Jewish state’s exports to Asia to grow from 21 percent in 2013 to 24.5 percent by 2018. Israeli-South Korean trade reached $1.7 billion in 2015.