Korea-Israel FTA to take effect next month
Then Korean Trade Minister Yoo Myung-hee, second from right, and her Israeli counterpart, Amir Peretz, second from left, take part in a signing ceremony of their free trade agreement in this May 12, 2021 file photo. Korea Times file
The free trade pact between Korea and Israel will take effect next month, Seoul's trade ministry said Thursday.
The two nations signed a free trade agreement (FTA) in May last year after they struck the deal in 2019. Korea's National Assembly ratified the deal in September.
The pact will come into force on Dec. 1 to make Korea the first Asian country to have a free trade deal with the Middle Eastern nation, according to the Ministry of Trade, Industry and Energy.
The FTA is expected to boost their trade of such advanced goods as semiconductors. Korea is also expected to see its exports of cars, auto parts, textiles and cosmetics grow under the agreement, the ministry said.
The Seoul government held a briefing session Thursday regarding the trade pact, which brought together Israel's Ambassador to Seoul Akiva Tor, officials from related ministries and domestic companies interested in making inroads into the Israeli market.
"The FTA is expected to create new chances of growth for the countries and businesses amid heightened global uncertainties. In addition to greater market access, expanded technology cooperation is also expected to allow the two countries to secure a competitive edge in the global market," ministry official Kim Jeong-hoe said. (Yonhap)