Pod Save America Hosts Call on Democrats to Cut All Israel Military Aid, No Longer Accept AIPAC Funding
Jews, Israelis Targeted in Austria Amid Surge in Antisemitic Incidents; Local Jewish Community Calls for Action
‘All of Our Strength’: Over 1,000 Pro-Israel Activists Gather in DC for Solidarity Conference
‘Devastated’: Wesley LePatner, Killed in Manhattan Mass Shooting, Was a Jewish Communal, Philanthropic Leader
Sen. Angus King Vows to No Longer Vote for Israel Military Aid Until Gaza Conditions Improve
Europe Won’t Pressure Israel to ‘Commit Suicide’ Amid Gaza Backlash, Palestinian State Push, Says Israeli FM
Israel’s National Soccer Coach Attacked in Athens Before Soccer Fans Chant ‘F–K Israel, Free Palestine’ at Match
New York Judge Sentences Neo-Nazi to 5 Years for Livestreaming Bomb Threats Against Jewish Hospitals
US Pressures Lebanon to Issue Cabinet Decision to Disarm Hezbollah Before Talks Continue
UK Plans to Recognize Palestinian State in September Unless Israel Meets Conditions, Starmer Says
South Korea Becomes First Asian Country to Ratify Free Trade Deal With Israel
Error: Contact form not found.
by Sharon Wrobel
The flag of South Korea. Photo: Wikimedia Commons.
The first-ever free trade agreement (FTA) between Israel and an Asian country is set to go into effect on Dec. 1, Israel’s Economy Ministry announced on Wednesday.
The announcement comes after South Korea’s National Assembly on Tuesday ratified the FTA with Israel, marking the 60th anniversary of the establishment of diplomatic ties between the two countries. The trade deal is Korea’s first in the Middle East.
Israel’s Prime Minister Yair Lapid thanked his South Korean partners for their friendship and cooperation.
“This agreement will create new opportunities and help lower the cost of living in both our nations,” Lapid stated.
The trade agreement includes mutual tariff cuts, which will apply to imported and exported products, and facilitate trade in a number of other areas such as services, investments, and standardization.
“The trade deal will give Israeli companies a competitive advantage in the Korean market and is expected to increase and diversify Israeli exports to Korea, as well as encourage Korean investments in the Israeli market,” the Foreign Trade Administration in Israel’s Economy Ministry said in a statement.
South Korea is the world’s leading manufacturer in the field of memory components and the second largest semiconductor manufacturer in the world, the ministry said.
As the FTA comes into force, over 95 percent of Israeli exports to Korea will be duty free. The trade deal is also expected to lower the prices of Korean-made cars, toys, video game consoles and soy sauce. Israel’s Economy Ministry estimates that the FTA with South Korea, which has 18 similar trade agreements, will translate to about $142 million a year in benefits for exporters and savings for importers and consumers.
“Israeli export volumes to South Korea have been increasing in recent years, and it is estimated that the trade agreement will strengthen the upward trend,” commented Foreign Trade Administration director Ohad Cohen. “The trade agreement reflects, among other things, the ministry’s policy to help diversify exports and open new markets for Israeli industry.”
In 2021, bilateral trade volume of goods and services between Israel and South Korea increased 35 percent to $3.5 billion year-on-year. Israel’s Economy Ministry is currently negotiating a trade agreement with other countries, including China, Vietnam and Great Britain.
