Korea and Israel commenced discussions on stronger economic ties

South Korea and Israel have started discussions on ways to boost trade and bilateral economic cooperation at a meeting in Jerusalem
 
Statement issued last week by the Korean Ministry of Foreign Affairs and Trade noted that Deputy Minister for Trade Ahn Ho-young and his Israeli counterpart Boaz Hirsh were expected to discuss free trade agreement (FTA) and stronger cooperation on renewable energy and industrial technology.
 
Bilateral trade between the two countries reached US$1.9 billion last year. The push for increased cooperation comes after a direct flight between Incheon and Tel Aviv started last September led to greater economic, cultural, and personnel exchanges.
 
South Korean Deputy Trade Minister Ahn Ho-young, an influential figurein the government, declared in recent months that South Korea will push forward bilateral free trade agreements.
 
In recent years South Korea signed FTA with Chile, Singapore and the European Free Trade Association.
 
The S. Korean-U.S. FTA has been signed and is still waiting for ratification. South Korea is having FTA negotiations with the European Union, Canada, Mexico and six Gulf states.