South Korea and Israel have signed a COVID-19 vaccine swap pact, with 700-thousand doses of the Pfizer vaccine set to arrive from Israel on Wednesday.

According to the state vaccine task force on Tuesday, the shots are scheduled to arrive at Incheon International Airport around 7:15 a.m. on Wednesday.

Officials said South Korea was selected to receive the vaccines due to expire on July 31, given the country's existing cold chain management system and its capacity to administer them within the month.

South Korea plans to return the same amount of vaccines to Israel in phases between September and November.