The Israeli Economy Ministry said on Sunday that Israel will sign a free trade agreement with South Korea this week, the first of its kind with an Asian market.
The agreement will be signed this week in Seoul during a visit by Israeli foreign and economic ministers.
The deal aims to boost bilateral trade by eliminating tariffs and providing safety nets for investments. The ministry said that bilateral trade amounted to about $2.4 billion in 2020, about two-thirds of Israel's imports of goods and services.
The ministry said that more than 95% of Israeli exports to South Korea will be duty-free, adding that Israel is working on similar agreements with China, Vietnam and India.
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