South Korea and Israel have agreed to launch free trade negotiations.
 
The Ministry of Trade, Industry and Energy said Tuesday that Vice Minister Woo Tae-hee reached the agreement with his Israeli counterpart Amit Lang at a meeting in Jerusalem on Monday.
 
The officials agreed that the two countries share great opportunities to succeed if they cooperate in various sectors ranging from trade and investment to venture startup and cutting-edge industries. They concluded that a bilateral free trade agreement will be an important foundation for the two countries to fully make use of their potentials.
 
The two sides agreed to hold the first round of free trade talks on June 27th in South Korea, vowing to pursue comprehensive and productive negotiations based on their experiences from previous trade talks with other countries.
 
Vice Minister Woo said that the FTA will focus on boosting the two countries’ coprosperity through cooperation in the technology, business startup, agricultural and food sectors. He said that South Korea will expand bilateral trade and investment through the deal and learn from Israel’s successes to enhance its industrial competitiveness and create jobs.