Israel and S. Korea to open free trade negotiations

Israel and South Korea will open negotiations to establish a free trade agreement, Israel Radio reported Sunday.
Industry, Trade and Labor Minister Shalom Simhon announced the opening of negotiations alongside his South Korean counterpart at a World Trade Organization meeting in Geneva. Simhon said the agreement would advance trade and technological cooperation between the parties.
Israel's non-diamond exports to South Korea in the first nine months of 2011 topped $500 million, and its imports in the same period amounted to $1.1 billion.