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South Korea, Israel To Launch FTA Talks

by Mary Swire, Tax-News.com, Hong Kong

25 May 2016


South Korea and Israel have decided to start immediate negotiations on a bilateral free trade agreement (FTA), according to an announcement by South Korea's Ministry of Trade, Industry, and Energy.

A joint feasibility study on the FTA was completed in August 2010, but the decision to begin talks was then delayed.

The Ministry disclosed that South Korean Deputy Trade Minister Woo Tae-hee and Israel's Director General in the Ministry of Economy, Amit Lang, agreed to hold FTA talks during a meeting in Jerusalem on May 23. The first round of negotiations will be held on June 27 in Seoul.

The FTA is expected to boost the current low level of trade between the two countries. Both sides have indicated their willingness to conclude a comprehensive agreement, drawing on their experiences in negotiating FTAs with other jurisdictions. It is felt that cooperation can be developed, particularly in technology start-ups, high-tech industry, and agriculture and food.

TAGS: tax | free trade agreement (FTA) | Israel | agreements | Korea, South | trade

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