Israel, Korea to sign free trade agreement within days

i24NEWS

President Reuven Rivlin (left) meets with President Moon Jae-in of South Korea in Seoul on July 15, 2019
(Kobi Gideon/GPO)President Reuven Rivlin (left) meets with President Moon Jae-in of South Korea in Seoul on July 15, 2019

FTA should lower prices of electronic goods, cars manufactured by South Korean brands, e.g. Hyundai, Kia, LG

Israel and South Korea are set to sign a free trade agreement (FTA) next week, according to Israel’s Foreign Affairs Ministry’s confirmation. The FTA will be signed over Zoom and in the presence of the ambassadors of the two countries and senior government ministers, according to Israeli business outlet Globes.

The two countries have reportedly been in discussions about an FTA for at least a decade, but Korean concerns about how such a move would play out in the Arab world precluded its signing. However, the agreement finally received the green light after the signing of the normalization deal between Israel and the UAE in September.

One of the most pronounced anticipated effects of the FTA will be the lowering of the price of car imports from Korea. “In 2018, 44 percent of the value of imports from South Korea was in automobiles, with an overall value of $758 million before tax,” reported Globes.

South Korean car manufacturers Hyundai and Kia comprise approximately 33% of new cars on Israel’s roads. Chevrolet and Renault have some models that are made in Korea, although about half of the Hyundai and Kia cars imported into Israel are made in Turkey and Europe; with some of their parts being manufactured in Korea.

Globes maintained that “there is concern that the manufacturers and importers may raise prices and put some of the savings into their own pockets.”

It is also thought likely that the FTA will bring down the price of electronic goods, particularly those manufactured by Samsung and LG.

There is also a hope that this most recent signing will act as an impetus for concluding similar FTAs being negotiated between Israel and Japan and Israel and China.


This is the Trump effect in action. Making what was thought to be impossible a reality in the Middle East. #BDSFail.

Historic agreement brings Samaria to Dubai

Delegation from Samaria signs agreement in Dubai to export Samaria honey, wine, olive oil, and tahini to the UAE.

By Arutz Sheva, December 7, 2020

Samaria Regional Council chairman Yossi Dagan visited Dubai in the United Arab Emirates, accompanying wine and honey producers from Samaria in order to create business ties between the UAE and Samaria.

Companies from Samaria have signed an agreement to export wine, honey, olive oil and tahini to the UAE, through the Emirates company FAM, which was selected by Forbes magazine as one of the 100 leading growth companies in the Middle East.

The Samaria Regional Council is the first municipal authority in Israel to succeed in signing export agreements to the UAE and was also the first to travel to the UAE with a delegation of businessmen to promote economic ties through export agreements.

The agreement was signed at the FAM offices in Dubai between “Paradise Honey” in northern Samaria, the Tura Winery and FAM in the presence of Council Chairman Dagan and representatives of the Har Bracha Winery, the Tom Winery and the Arnon Winery.

The “Paradise Honey” company from the town of Hermesh in northern Samaria produces about 50 tons of honey a year, natural honey without additives and which comes in unique flavors. The wineries that have signed with the company are world-renowned wineries that win international awards every year, as do the olive oil and tahini which comes from the Samaria region. The Tura Winery in Rehelim has won more than 80 international awards in the last 10 years.

“We are making history,” said Yossi Dagan. “We are opening a new economic page between the most excellent companies in Samaria and FAM. I am very excited and happy with how things stand. Samaria strives to lead in all areas, and also in the field of export and business development. This is a historic moment. The Samaria region that I am proud to represent is located in the heart of the State of Israel, and is the most demographically growing region in Israel and economically it is also growing.”

“We are happy to be the first to bring Samaria to Dubai, this agreement and other agreements that will come later are expected to strengthen the economy in Samaria and the State of Israel and also have a good effect on the United Arab Emirates,” Dagan said.

FAM Holding Group Chairman Dr. Faisal Ali Musa greeted the delegation: “Thank you for coming here. We are very glad you came. If you had asked me a year ago if I had dreamed such a thing could have happened, I would have told you no. We have achieved a great goal today, We have turned our countries’ vision into practice. This is just the beginning of business between two countries, this is not just a business signature. This is a statement to the world, that we are true brothers, we are true friends and we want to do business together and live in peace.”

“We are changing the future,” added Ali Musa. “We invite more Israelis to do business with us. We want to say thank you to Mr. Yossi Dagan for opening the door for us. In the future, we will open more connections between us, between FAM Holding and other Israeli companies, in all fields, medicine, technology, high-tech, and more.”

Matan Paradise from the “Paradise Honey” company told Aruz Sheva following the signing ceremony: “This is really exciting. I am sure we will continue to export not only to the UAE but to other centers. We will do everything to continue to develop the honey industry in Samaria.”

Vered Ben Saadoun, the owner of the Tura Winery, also said: “We are happy and excited to come to Dubai with the wines of Tora Winery. Since time immemorial wine has connected people, Tora Winery has the privilege of making a historic mark in the relations between peoples.”

 


Iran rules out renegotiating nuclear deal

Iranian government spokesman says nuclear deal was already discussed in detail five years ago.

Elad Benari , Dec 09 , 2020 6:42 AM

 

Iran

The Iranian government on Tuesday ruled out the possibility of renegotiating its 2015 nuclear deal with world powers, known as the Joint Comprehensive Plan of Action (JCPOA).

“The JCPOA was fully discussed in detail five years ago and needs no renegotiations,” said Ali Rabiei, a spokesman of the Iranian government, according to the Xinhua news agency.

“No new members should join the 2015 nuclear deal,” he added, responding to the requests of some other countries to participate in possible renewed nuclear talks.

US President Donald Trump withdrew from the Iran nuclear agreement in May of 2018 and reimposed sanctions on the Islamic Republic. Iran has gradually scaled back its compliance with the 2015 deal in response.

President-elect Joe Biden, however, has expressed a desire to rejoin the deal and told The New York Times last week that he would do so if Iran returned to compliance with it.

German Foreign Minister Heiko Maas last week called for negotiations with Iran to conclude a broader nuclear deal.

Iranian Foreign Minister Mohammad Javad Zarif clarified last week that his country will not agree to renegotiate the 2015 nuclear deal and urged Biden to abandon what he described as Washington’s “rogue” behavior in withdrawing from the agreement.