Israel & S Korea Signing Free Trade
By Micah Halpern
Monday May 10, 2021
Israel and South Korea are signing a free trade agreement. This agreement is the first of its kind between Israel and an Asian market.
The purpose of a free trade agreement is to bolster investments and create a market between countries. In general, when there is a free trade agreement, most goods are tax free. So, the price of the items go down. And when that happens, sales and profits go up. The lost money from import taxes is made up on the sale of other items. As a result, economies blossom – all because good were imported without taxes.
In 2020, total trade between Israel and South Korea came to $2.4 billion. 33% of that was Israel importing goods from South Korea. That means that two-thirds of the $2.4 billion was Israel exports to South Korea.
This free trade agreement is very good news for the Israeli economy.
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13 May 2021 11:54 PM in Thoughts
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