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Trump effect: Israel-South Korea Free-Trade Agreement in Final Stages

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“This, the report said, is partly due to the recent Abraham Accord between Israel and the United Arab Emirates, “which rendered the agreement acceptable from the point of view of South Korea’s trade relations with the Arab world.”

The FTA between Israel and South Korea will be absolutely huge for Israel’s economy. It also represents another humiliating defeat for the neo-Nazi Palestinian Authority, and the BDS (Boycott the Jews Movement). In fact, the third quarter of 2020 will be remembered as one of the most devastating in the history of the anti-Israel movement.  By the way, according to various reports the Israel-South Korea FTA, will soon pave the way for comparable agreement between Israel and Japan.

Israel-South Korea Free-Trade Agreement in Final Stages

By Algemeiner, September 9, 2020

Israel and South Korea are in the final stages of reaching a free-trade agreement in the next few weeks.

Israel’s business daily Globes reported on Tuesday that talks between Jerusalem and Seoul have been ongoing for a few years but had been delayed for political reasons, are now bearing fruit. This, the report said, is partly due to the recent Abraham Accord between Israel and the United Arab Emirates, “which rendered the agreement acceptable from the point of view of South Korea’s trade relations with the Arab world.”

An Israeli Foreign Ministry spokesperson told Globes that “the free-trade agreement with South Korea is in the final stages of drafting, and we hope that within a few weeks it will be possible to sign it. Advanced talks on a free-trade area are also taking place with China and Vietnam.”

According to the report, one of the key sectors to benefit from the agreement will be Israeli car importers, as the deal would remove the 7 percent duty on vehicles from South Korea and those produced by manufacturers in Europe that use many components made in South Korea.

Nearly one-third of cars sold in Israel are from a South Korean manufacturer. In the first half of 2020, Hyundai Motors and its subsidiary Kia took 27 percent of the market share of new cars sold in Israel, according to the report.

A source in the vehicle import industry told Globes that the South Korean agreement also would lead to a free-trade agreement with Japan.

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