Prime Minister Benjamin Netanyahu will reportedly travel to South Korea at the end of July to sign a multi-billion dollar free trade agreement with Seoul.
The agreement, however, will exclude Israeli settlements in the West Bank, east Jerusalem and the Golan Heights, Channel 13 reported Monday evening.
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Netanyahu is also expected to travel to Japan during his trip to Asian pacific.
The free trade agreement with Seoul is expected to bring in billions of dollars to Israel "both in exports to South Korea and in cheaper imports that are expected to lower prices for consumers in Israel," the report said.
In the past, Israel has refused to sign trade agreements that specifically do not include territories under dispute. But according to Channel 13, as a compromise, the Israeli government will add a side disclaimer articulating its position on Israeli settlements.
President Reuven Rivlin, meanwhile, launched a five-day state visit to South Korea on Monday.
Rivlin was invited by South Korean President Moon Jae-in. When Rivlin arrived on Sunday, he was welcomed by South Korean SMEs and Startups Minister Park Young-sun.
Rivlin held a working meeting with Moon on Monday, after which a state dinner was planned. Rivlin was also slated to meet with Israel's business delegation in South Korea.
During their summit, Moon reportedly spoke on his recent meeting with US President Donald Trump and North Korean leader Kim Jong Un at the Demilitarized Zone and called for Israel to support permanent peace on the Korean peninsula.
Rivlin and Moon also discussed bilateral ties and aspects of high-tech industry, including artificial intelligence and 5G communication.
During the five-day visit, Rivlin was scheduled to attend a number of events aimed at strengthening bilateral ties. Rivlin was traveling with an entourage of leading business officials and representatives of the technology and innovation fields, which is organized by head of the Israel Export Institute Adiv Baruch.
In addition to the business and tech officials, Rivlin was also traveling with a staff of experts headed by Professor Yaffa Zilbershats, chairwoman of the Planning and Budgeting Committee in the Council for Higher Education.
Israel and South Korea established diplomatic ties in 1962.
