The governments of South Korea and Israel have begun free trade talks with the goal to sign a trade pact by April 2012. Israel’s Industry, Trade and Labor Minister Shalom Simchon made this announcement in December 2011 at the World Trade Organization (WTO) in Geneva, both sides hoped that the zone would be active soon.

Simchon met with Korean Trade Minister Kim Jong Hon to discuss the matter during the WTO summit. “A free trade zone would greatly increase trade between the two countries,” Simchon said.

“Israel’s economy and Korea’s economy complement each other, and I believe that as soon as we begin talks we will come to a quick agreement, increasing the ability of our two economies to compete around the world,” Simchon added.