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Israel and South Korea to sign free trade pact

A South Korean soldier stands guard in front of a South Korean flag in South Korea, on 24 April 2018 [SeongJoon Cho/Bloomberg/Getty Images]
A South Korean soldier stands guard in front of a South Korean flag in South Korea, on 24 April 2018 [SeongJoon Cho/Bloomberg/Getty Images]

Israel will sign a free trade agreement with South Korea this week, marking the first such arrangement with an Asian market, Israel's economy ministry said on Sunday, Reuters reports.

The deal is meant to bolster bilateral trade by cutting out customs duties and offering safety nets on investments. Bilateral trade reached about $2.4 billion in 2020, about two thirds of it goods and services imported into Israel, the ministry said.

The deal will be signed this week in Seoul during a visit by Israel's foreign affairs and economy ministers.

More than 95 per cent of Israeli exports to South Korea will be customs-free, the ministry said. Israel is working on similar deals with China, Vietnam and India, it added.

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