Breakthrough in South Korea - Israel trade and bilateral economic cooperation

The two sides agreed to initiate a joint feasibility study on potential economic effects of the Korea-Israel free trade agreement
 
The 4th Korea-Israel Joint Committee was held in Jerusalem on May 18 with Deputy Minister for Trade Ahn Ho-young and Israeli Deputy Director-General for Foreign Trade Boaz Hirsh as the heads of the delegations from the two countries.
 
The two sides agreed to initiate a joint feasibility study on potential economic effects of the Korea-Israel free trade agreement (FTA). Hoping for the study to start in the third quarter of 2009 and its early completion, they will decide whether they will begin bilateral FTA negotiations based on the study findings.
 
The two sides agreed to cooperate for low-carbon, green growth. The two countries will discuss launching a Joint Working Group (JWG) to exchangeviews on water-related policies and technological cooperation. In the new and renewable energy field, the two countries will explore potential areas for cooperation through exchange of experts and joint workshops.
 
The two sides also agreed in principle to acknowledge the driver’s license issued by either country. Bilateral trade in 2008 was US$1.9 billion, an increase of 8.5% compared to the 2007 bilateral trade figures. During the first quarter of 2009 bilateral trade was strongly influenced by the global trade crisis and was down by 35% compared to the parallel quarter in 2008.