South Korea is looking to expand its presence in Israel... as the two countries signed a free Trade deal... removing almost all tariffs on each other's imports.
Kim Da-mi has the details.
After three years of negotiations, South Korea signed a free trade agreement with Israel in Jerusalem on Wednesday.
The deal makes Korea the first Asian FTA partner of Israel.
Under the agreement, Korea will scrap 99-point-9 percent of tariffs on Israeli imports, and Israel will remove ALL tariffs on Korean products.
That will help Korea's main exports including automobiles, autoparts and cosmetics to enter Israel without facing tariffs.
"Everybody drives Korean cars. And I think it's also the ability to have the technological exchanges that will give us great advantage for the future."
In return, South Korea mainly imports industrial equipment from Israel.
South Korea will lift tariffs on Israeli equipment for chip production within 3 years, seeking to help local firms diversify their import portfolio.
South Korea's trade ministry said the bilateral deal will help strengthen technological exchanges including machines and biohealth.
The two countries vowed to open up the service and investment sectors as well as provide more leeway beyond the General Agreement on Trade in Services under the World Trade Organization.
Barriers on sensitive agricultural goods, including rice and garlic, will still remain, but tariffs on Israeli grapefruits will be abolished in seven years.
The FTA, however, will not cover Palestinian territories.
The new trade deal is expected to boost bilateral trade, which recorded 2-point-7 billion U.S. dollars in 2018.
It is expected to take effect in the first half of 2020... after a legal review, a signing ceremony and parliamentary ratification.
KIM Da-mi, Arirang News.

Source: Arirang News
Copyright Arirang News. All rights reserved, reprinted with permission by Dailymotion

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South Korea: South Korea , officially the Republic of Korea , is a country in East Asia, constituting the southern part of the Korean Peninsula. The name Korea is derived from Goryeo, a dynasty which ruled in the Middle Ages. It shares land borders with North Korea to the north, and oversea borders with China to
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World: World is a common name for the whole of human civilization, specifically human experience, history, or the human condition in general, worldwide, i.e. anywhere on Earth.
Wednesday: Wednesday is the day of the week between Tuesday and Thursday. According to international standard ISO 8601 adopted in most western countries it is the third day of the week. In countries that use the Sunday-first convention Wednesday is defined as the fourth day of the week. It is the fourth day o
General: A general officer is an officer of high military rank, usually in the army, and in some nations, the air force. The term is widely used by many nations of the world, and when a country uses a different term, there is an equivalent title given.
Trade: Trade also called goods exchange economy is the transfer of ownership of goods from one person or entity to another by getting something in exchange from the buyer. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The orig
Organization: An organization is a social entity that has a collective goal and is linked to an external environment. The word is derived from the Greek word organon, itself derived from the better-known word ergon which means "organ" a compartment for a particular task.
Barriers: Barriers is a British children's television series, created and written by William Corlett, and made by Tyne Tees Television for ITV between 1981 and 1982.
Jerusalem: Jerusalem ,[i] located on a plateau in the Judean Mountains between the Mediterranean and the Dead Sea, is one of the oldest cities in the world. It is considered holy to the three major Abrahamic religionsJudaism, Christianity and Islam. Israelis and Palestinians both claim Jerusalem as their capit
World Trade Organization: The World Trade Organization is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade , which commenced in 1948. The organization deal