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Israel, South Korea Finalize Free Trade Agreement
Evangelical Christian pilgrims from South Korea march during the annual Jerusalem Parade in 2014. (Gali Tibbon/AFP/Getty Images)

Israel, South Korea Finalize Free Trade Agreement

Israel and South Korea signed a Free Trade Agreement Wednesday, which is expected to greatly reduce the cost of cars and electronics imported from Seoul. Israeli Economy Minister Eli Cohen and visiting South Korean Trade Minister Yoo Myung-hee announced the finalization of the accord at a ceremony in Jerusalem. Notably, the deal does not apply to Israeli products manufactured in the West Bank, which Cohen assured was not an issue as the Israeli government would provide “complete compensation” to businesses located in the contested territory. The commercial pact is Israel’s first-ever with an Asian nation due to a prevailing belief that such agreements with the Jewish state would harm trade with larger Arab and Muslim markets. Cohen hailed the occasion as “historic” as it would eliminate tariffs on Israeli goods imported by companies in South Korea, which is the world’s 11th largest economy. In 2018, trade between the countries totaled some $2.5 billion, an increase of nearly 15 percent over the previous year.

This holiday season, we ask you to give the gift of trusted news…

Dear friends,

The Media Line is always there to report to you the stories and issues of the Middle East – completely and in context: TML is the source you can trust.

Know The Media Line to Know The Middle East!

Please support our ad-free, nonprofit news agency. Our seasoned journalists reporting from the Middle East are working day and night during these challenging, yet defining times; and our student interns are honing their knowledge and skills, preparing to emerge as tomorrow’s journalists.

You rely on us and we’re relying on you! Make your online tax-deductible donation here and contact us regarding donations through appreciated stock, donor advised funds, qualifying IRA distributions and other charitable instruments.

Thank you and best wishes to you and yours this holiday season.
Felice Friedson
Founder, President

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