Israel and South Korea sign free trade agreement – fr

Israel and South Korea sign free trade agreement – fr

Israel and South Korea are expected to strike a free trade deal this week, with Foreign Minister Gabi Ashkenazi and Economy Minister Amir Peretz traveling to Seoul on Sunday morning, with South Korea leading the way. Asia with which Israel has a free trade agreement, and Israel is the first in the Middle East to sign such an agreement with Seoul. South Korea is the world’s 12th largest economy and Israel’s third largest trading partner in Asia.

The Foreign Ministry said the free trade agreement is expected to significantly increase trade between Israel and South Korea and give Israeli industry a competitive advantage, as well as reduce the cost of Korean products imported into Israel.

The countries will also sign an agreement to double the budget of KORIL-RDF, a joint research and innovation fund for companies in Israel and South Korea.

Israeli ministers are expected to meet their Korean counterparts, as well as the speaker of the National Assembly in Seoul and other senior Korean officials.

Ashkenazi said, “South Korea is one of Israel’s biggest trading partners in Asia and has the greatest potential. Our visit comes at the end of years of hard work … to promote a free trade agreement that will strengthen Israel’s economy and lower the cost of living in Israel.

Peretz explained that Israel’s exports to South Korea have increased in recent years and he expects the trade deal to continue this trend.

“The increase and expansion of exports are among the important engines of growth of the Israeli economy, which will help us to emerge from the coronavirus crisis,” said Peretz. “I hope our citizens will benefit from lower prices on cars, cellphones and other products from Korea.”


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