Foreign Minister Gabi Ashkenazi and Economy and Industry Minister Amir Peretz were scheduled to depart for a two-day working trip to Seoul, South Korea, on Sunday to sign a bilateral free trade agreement.
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The free trade deal between Israel and South Korea is expected to provide a major boost to bilateral trade, free from customs taxes.
In addition to the trade deal, representatives of both nations were scheduled to sign an agreement to double the funding for the Korea-Israel Industrial R&D Foundation, which supports innovative research and development projects conducted by Israeli and Korean commercial companies in cooperation.
Ashkenazi and Peretz were also slated to meet with South Korea's foreign and industry ministers as well as head of its national assembly and senior officials to discuss matters of geopolitics, the economy, and security.
South Korea is home to the 12th-largest economy in the world. When the free trade with Israel is inked, it will become the first Asian nation to enter into an agreement of this kind with Israel, or any nation in the Middle East.
South Korea is already Israel's third-largest trading partner in Asia. When the agreement takes effect, over 95% of Israeli exports to South Korea will be exempt from customs taxes.
Ashkenazi said his visit to Seoul with Peretz marked the end of "several years of intensive work, both political and economic, by Israel to promote the free trade agreement that will strengthen Israel's economy and reduce the cost of living in Israel."
Peretz added that "South Korea is one of the world's leading economies and an important trade partner for Israel. The agreement will cancel the export duties, and I hope that Israeli citizens will benefit from less expensive cars, phones, and other equipment that arrives from South Korea."
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