Israel, South Korea announce free trade deal

'HISTORIC.' South Korean Trade Minister Yoo Myung-hee and Israeli Economy and Industry Minister Eli Cohen stand after signing a free trade agreement between Israel and the Republic of Korea in Jerusalem on August 21, 2019. Photo by Gil Cohen-Magen/AFPfree trade agreementIsraeli Economy Minister Eli Cohen called the deal"historic," saying it was Israel's first such agreement with an east Asian nation.

Before Wednesday's ceremony, the pending agreement had been the subject of political controversy in Israel over claims it would not apply to goods from Israeli settlements. South Korea is home to companies including Samsung, the world's biggest smartphone and memory chip maker, and carmaker Hyundai.

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