Israel ratifies free trade agreement with South Korea

The Israeli authorities have officially ratified the free trade agreement with South Korea, signed at the end of 2021. For it to enter into force, the treaty must be ratified by the Korean authorities.

Ratification, supported by all political forces in Seoul, is scheduled for the coming weeks, Globes reports.

Among other things, the agreement provides for the abolition of a 7% import duty on South Korean cars.

Israel has one of the world’s largest sets of free trade agreements. At the moment, Israel has free trade agreements with 45 countries of the world – 27 EU countries, the UK, EFTA countries (Iceland, Norway, Switzerland, Liechtenstein), Turkey, Jordan, Egypt, Mexico, Canada, the USA, the MERCOSUR bloc (Argentina, Brazil, Uruguay, Paraguay), Colombia, Panama and Ukraine. Signed, ratified by Israel and awaiting ratification by the second party agreement with South Korea. Agreed, but not yet signed, agreement with the United Arab Emirates. Negotiations are underway to expand the agreement with Ukraine and extend it to the service sector, as well as negotiations to expand the agreement with the UK. Negotiations are also underway on free trade with the EAEU (Russia, Belarus, Kazakhstan, Kyrgyzstan, Armenia), China, Chile, Georgia. In 2021, the authorities of India and Vietnam announced their intention to complete negotiations and sign an agreement with Israel in 2022, while the Australian authorities announced the acceleration of negotiations with Israel. The possibility of signing a free trade agreement with Bahrain is being considered.

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