South Korea ratifies free trade agreement with Israel
South Korea’s National Assembly ratified on Tuesday a Free Trade Agreement (FTA) with Israel, the final domestic procedure needed for its implementation and the first-ever FTA between Israel and a country in Asia.
South Korea National Assembly
The ratification came after South Korea signed the FTA with Israel in May 2021 and after the countries finalised the deal in 2019 following three-year negotiations.
Prime Minister Yair Lapid thanked “our Korean partners” for their friendship and cooperation.
“This agreement will create new opportunities and help lower the cost of living in both our nations,” he said.
Israeli exports to South Korea in 2021 grew by 47%.
About 70% of Israel’s international trade takes place within the framework of FTAs.
In the past decade, Israel signed or upgraded an FTA with South Korea, Colombia, Canada, Ukraine, and the United Arab Emirates. This doubles the seven agreements that were in force in 2009.
In addition, Israel is currently negotiating with a variety of other significant markets, such as China, Vietnam, Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia.
TPS
