▲ This file photo taken May 12, 2021, shows then South Korean Trade Minister Yoo Myung-hee (2nd from R) and her Israeli counterpart, Amir Peretz (2nd from L), taking part in a signing ceremony of their free trade agreement. (Yonhap)

S Korea-Israel-FTA

S. Korea-Israel FTA to take effect next month

SEOUL, Nov. 3 (Yonhap) -- The free trade pact between South Korea and Israel will take effect next month, Seoul's trade ministry said Thursday.

The two nations signed a free trade agreement (FTA) in May last year after they struck the deal in 2019. South Korea's National Assembly ratified the deal in September.

The pact will come into force on Dec. 1 to make South Korea the first Asian country to have a free trade deal with the Middle Eastern nation, according to the Ministry of Trade, Industry and Energy.

The FTA is expected to boost their trade of such advanced goods as semiconductors. South Korea is also expected to see its exports of cars, auto parts, textiles and cosmetics grow under the agreement, the ministry said.

The Seoul government held a briefing session Thursday regarding the trade pact, which brought together Israel's Ambassador to Seoul Akiva Tor, officials from related ministries and domestic companies interested in making inroads into the Israeli market.

"The FTA is expected to create new chances of growth for the countries and businesses amid heightened global uncertainties. In addition to greater market access, expanded technology cooperation is also expected to allow the two countries to secure a competitive edge in the global market," ministry official Kim Jeong-hoe said.

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