Israel, South Korea aim to sign free trade agreement by April 2012

The Israeli government has announced that South Korea and Israel will begin free trade talks with the goal to sign a trade pact by April.

Industry, Trade and Labor Minister Shalom Simchon made the announcement at the World Trade Organization in Geneva.

Both sides hoped that the zone could be active by April 2012, he said. Simchon met last Sunday with Korean trade minister Kim Jong Hon to discuss the matter.

Simchon said before the meeting that a free trade zone would greatly increase trade between the two countries.