Israel, South Korea Complete Negotiations On Free Trade Agreement - Foreign Ministry
Israel has completed negotiations with South Korea to create a free trade area, having prepared the first agreement of this kind with an Asian country, Gilad Cohen, the deputy director general for Asia and the Pacific at the Israeli Foreign Ministry, said on Wednesday
Diplomats hope that these arrangements, which have yet to be signed and ratified, will become a starting point for similar preferential regimes with a number of other states in the Asian region.
The Israel-South Korea talks lasted for three years and concluded in Jerusalem on Wednesday in the presence of South Korean Trade Minister Yoo Myung-hee and Israeli Industry Minister Eli Cohen, according to the Foreign Ministry.
Eli Cohen believes that this agreement is extremely important from an economic and diplomatic points of view and that it will pave the way for similar agreements with other Asian countries, such as China and Vietnam, and later with Japan and Thailand.
Earlier this year, Israel signed a free trade agreement with Ukraine and continues to work on a similar agreement with the Eurasian Economic Union, which comprises Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan.