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S. Korea and Israel sign FTA
Updated: 2019-08-21 17:04:50 KST
After three years of negotiations, South Korea has signed a free trade agreement with Israel.
The trade agreement will remove tariffs on over 97 percent of Korea's exports to Israel and over 99 percent of Israel's exports to Korea.
Tariffs on some of Israel's agricultural exports such as rice and garlic will still face tariffs.
South Korea's trade ministry said the bilateral deal will help strengthen technological exchanges including machines and biohealth between the two countries.
The free trade deal makes Korea the first Asian country to sign a trade deal with Israel, and is expected to boost bilateral trade, which recorded billion U.S. dollars in 2018.
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