Israel, South Korea FTA to Slash Tariffs on Certain Electronics, Semiconductor Equipment

Israel and South Korea earlier this month signed a free trade agreement, marking the first trade deal between South Korea and a Middle Eastern country, the Hong Kong Trade Development Council reported May 21. The agreement will reduce tariffs and eliminate duties on certain manufactured goods and electronics, including cars, phones, machinery, chemicals and plastics. The report said that more than 95% of each country’s exports won’t be subject to tariffs, including shipments of semiconductor manufacturing equipment from Israel to South Korea.