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National Assembly ratifies ROK-Israel and ROK-Cambodia FTAs 2022-09-29

Trade Minister Ahn Duk-geun announced on September 27 that the National Assembly has ratified Korea’s FTAs with Israel and Cambodia, respectively.

The ROK-Israel FTA was finalized in August 2019 after six official negotiation rounds, and submitted to the National Assembly this January. The ROK-Cambodia FTA was finalized in February 2021 after four official negotiation rounds and submitted to the National Assembly this February.

All necessary processes on Korea’s part are now complete, and the matter of when the FTAs will come into effect are soon to be settled through talks.

According to their FTAs’ terms, the agreement comes into effect either on the 60th day following the reporting of domestic ratification completion or on another mutually designated day.

The South Korean government will continue talks with each partner country to make sure the respective FTAs come into force without delay by the end of the year.

The Ministry of Industry, Trade and Energy (MOTIE) plans to concentrate all efforts into modifying relevant laws and system by then, and will be hosting an ROK-Israel and ROK-Cambodia FTA public promotion and briefing session.

The detailed content of each FTA can be viewed on the Ministry’s FTA website (www.fta.go.kr).