The annexes, appendices, and footnotes to this Agreement constitute an integral part of this Agreement.
Article 22.2. AMENDMENTS
1. The Parties may agree, in writing, to amend this Agreement.
2. An amendment shall enter into force on a date decided upon by the Parties following the date of the latter diplomatic note by which the Parties notify each other that their internal legal procedures required for entry into force of the amendments have been completed.
3. An amendment shall constitute an integral part of this Agreement.
Article 22.3. AMENDMENT OF THE WTO AGREEMENT
If any provision of the WTO Agreement that the Parties have incorporated into this Agreement is amended, the Parties shall consult to consider amending the relevant provision of this Agreement, as appropriate, in accordance with Article 22.2.
Article 22.4. ADDITIONAL PARTIES
The Parties may decide to invite a country or group of countries to become a Party to this Agreement. The terms and conditions of the participation shall be agreed between the Parties and the invited country or group of countries, and subject to approvals in accordance with the applicable internal legal requirements and procedures of each Party and of the additional country or group of countries.
Article 22.5. ENTRY INTO FORCE AND TERMINATION
1. This Agreement shall enter into force 60 days following the date of the latter diplomatic note by which the Parties notify each other that they have completed their respective internal legal procedures required for the entry into force of this Agreement, or on any other date following the exchange of notes as agreed upon by the Parties.
2. Any Party may terminate this Agreement by means of a written diplomatic note to the other Party. Such termination shall become effective 180 days after the date of receipt of such notification by the other Party.
3. Within 30 days after a Party provides notice under paragraph 2, either Party may request the other Party in writing to enter into consultations regarding whether any provision of this Agreement should terminate on a date later than that provided under paragraph 2. The consultations shall begin no later than 30 days after the Party delivers its request.
Conclusion
IN WITNESS WHEREOF, the undersigned, being duly authorized by their respective Governments, have signed this Agreement.
DONE at Seoul, this 12 day of May, 2021, which corresponds to the 1 day of Sivan in the year 5781 of the Hebrew calendar, in two original copies each in the Korean, Hebrew and English languages, each version being equally authentic. In case of any divergence of interpretation or any discrepancies, the English text shall prevail.
FOR THE GOVERNMENT OF THE REPUBLIC OF KOREA
FOR THE GOVERNMENT OF THE STATE OF ISRAEL
Attachments
Annex I. SCHEDULE OF THE STATE OF ISRAEL
EXPLANATORY NOTE
1. Israel's schedule to this Annex sets out, pursuant to Articles 9.12 (Non- Conforming Measures) and 10.6 (Non-Conforming Measures), its existing measures that are not subject to some or all of the obligations imposed by:
(a) Article 9.3 (National Treatment) or 10.2 (National Treatment);
(b) Article 9.4 (Most-Favoured-Nation Treatment) or 10.3 (Most- Favoured-Nation Treatment);
(c) Article 10.4 (Market Access):
(d) Article 10.5 (Local Presence);
(e) Article 9.9 (Performance Requirements); or
(f) Article 9.10 (Senior Management and Board of Directors)
2. Each Schedule entry sets out the following elements:
(a) Sector refers to the sector for which the entry is made;
(b) Sub-Sector, where referenced, refers to the specific sub-sector for which the entry is made;
(c) Industry Classification, where referenced, and only for transparency purposes, refers to the activity covered by the non-conforming measure, according to domestic or international industry classification codes;
(d) Obligations Concerned specifies the obligations referred to in paragraph 1 that, pursuant to subparagraph 1(a) of Articles 9.12 (Non- Conforming Measures) and 10.6 (Non-Conforming Measures), do not apply to the listed measure(s);
(e) Measures identifies the laws, regulations or other measures for which the entry is made. A measure cited in the "Measures" element:
(i) means the measure as amended, continued or renewed as of the date of entry into force of this Agreement, and
(ii) includes any subordinate measure adopted or maintained under the authority of and consistent with the measure; and
(f) Description sets out the non-conforming measure or provides a general description of the measure for which the entry is made.
3. In the interpretation of an entry, all elements of the entry shall be considered. An entry shall be interpreted in the light of the relevant provisions of this Agreement against which the entry is taken, and the "Measures" element shall prevail over all the other elements.
4. For the purposes of this Annex the term "CPC" means Provisional Central Product Classification (Statistical Papers Series M No. 77, Department of International Economic and Social Affairs, Statistical Office of the United Nations, New York, 1991).
5. A Schedule entry for a requirement to be an Israeli national or resident is inscribed with respect to Article 10.5 (Local Presence) and Article 10.2 (National Treatment).
6. For greater certainty, a Schedule entry for a requirement to be an Israeli national or resident inscribed with respect to Article 9.3 (National Treatment) or Article 10.2 (National Treatment) shall be considered a limitation with respect to Article 10.4 (Market Access) as well.
7. A requirement for senior management and members of boards of directors, or any committee thereof, to be Israeli nationals or residents is only inscribed as a limitation with respect to Article 9.10 (Senior Management and Boards of Directors).
8. For greater certainty, in accordance with Article 10.1.3, a Schedule entry fora non-conforming measure with respect to Article 10.4 (Market Access) shall also apply to measures adopted or maintained by Israel affecting the supply of a service in its territory through commercial presence, notwithstanding the heading of the Description element.
1. Sector: All
Obligations Concerned: Senior Management and Board of Directors (Article 9.10)
Measures: The Companies Law-1999 (Articles 115, 118A, 239 and 240).
Description: Investment
A public corporation or a company that has issued debt securities to the public (hereafter Debenture Company) must have on its board of directors at least two outside directors.
All outside directors of a public company must be Israeli residents.
All outside directors shall be members of the audit committee and of the remuneration committee and form a majority thereof. There shall be no fewer than three members in the audit committee and no fewer than three members in the remuneration committee.
However, a public company or a debenture company whose shares or debt - or part of them- were offered to the public outside Israel, or that is registered in a stock exchange outside Israel, can appoint outside directors who are not Israeli residents.
2. Sector: All
Obligations Concerned: Performance Requirements (Article 9.9)
Measures: Bankruptcy Ordinance, 1980 Companies Law, 1999 (Articles 350-351)
Companies Ordinance, 1983
Description: Investment
When an investor or an investment is declared bankrupt or insolvent and subject to debt restructuring proceedings, Israel may demand a transfer of technology, a production process or other proprietary knowledge to the extent necessary for the proceedings.
3. Sector: All
Obligations Concerned: Market Access (Article 10.4) National Treatment (Articles 9.3 and 10.2) Performance Requirements (Article 9.9) Local Presence (Article 10.5)
Measures: Law for Hazardous Substances, 1993
Law for the Prevention of Asbestos Hazards and Damaging Dust, 2011 Law of Environmental Treatment of Electrical and Electronic Equipment and Batteries, 2012 Water Law, 1959
Hazardous Substances Regulations (Import and Export of Hazardous Substances), 1994
Law for the Regulation of the Practice of Pest Control, 2016
Law for the Treatment of Packing Material, 2011
Business Licensing Regulations (Disposal of Hazardous Material Waste), 1990
Description: Cross-Border Trade in Services and Investment
1. Nationality or residency of Israel is required for hazardous substances handler permit.
2. A refuse disposal enterprise for environmental treatment of electrical and electronic equipment and batteries shall employ only nationals or residents of Israel.
3. Certain hazardous materials may only be treated by the Environmental Services Company.
4. Nationality or residency of Israel is required to obtain a permit for collection and treatment of asbestos.
5. At least one employee of an asbestos contractor, that performs dismantling and removal of asbestos, shall be a national or resident of Israel.
6. Export of packaging material waste is limited to 20 percent of the recycling objective in accordance with the Law for the Treatment of Packing Material, 2011.
7. Obtainment of permit for export of hazardous substances requires authorization by the Ministry of Environmental Protection.
4. Sector: Electronic Signature
Obligations Concerned: National Treatment (Articles 9.3 and 10.2) Local Presence (Article 10.5)
Measures: Electronic Signature Law, 2001 (Articles 11 and 22)
Description: Cross-Border Trade in Services and Investment
1. Registration as a "foreign issuer of electronic certificate" may be subject to additional conditions as set out in the Electronic Signature Law, 2001.
2. Registration as an issuer of electronic certificate other than a "foreign issuer of electronic certificate" requires to be a national or resident of Israel or an enterprise incorporated in Israel and having its main operations and center of business in Israel.
5. Sector : Fishery
Obligations Concerned: National Treatment (Article 9.3)
Measures: Fishery Regulation, 1937 (Articles 2-3)
Description: Investment
Issuance, continuation and amendment of fishery license require authorization by the Ministry of Agriculture. Israel reserves the right not to issue a fishery license for foreign nationals or enterprises under Fishery Regulation, 1937.
6. Sector : Business Services
Sub-Sector: Legal Services
Industry Classification: CPC 861
Obligations Concerned: National Treatment (Article 9.3)
Measures: Bar Association Law, 1961 (Articles 20, 42, 98-98M)
Description:
Investment
1. Israeli residency is required for obtaining a license to practice Israeli law.
2. Foreign licensed lawyers may give legal services pertaining to foreign law or international law in Israel provided that they are registered with the Israeli Bar Association.
7. Sector : Business Services
Sub-Sector: Taxation services
Industry Classification: CPC 863
Obligations Concerned: National Treatment (Articles 9.3 and 10.2)
Local Presence (Article 10.5)
Measures:
Income Tax Ordinance [New Version], 1961 (Article 236)
Regulation of Representation by Tax Consultants Law, 2005 (Article 10)
Description:
Cross-Border Trade in Services and Investment
A corporation's tax return to the Tax Authority must be certified by an auditor licensed in Israel. An auditor may be either an accountant or a tax consultant, licensed in Israel. Israeli residency is required in order to obtain a tax consultancy license.
8. Sector: Business Services
Sub-Sector: Veterinary services
Industry Classification: CPC 932
Obligations Concerned:
National Treatment (Articles 9.3 and 10.2) Local Presence (Article 10.5)
Measures: Veterinarians Law, 1991 (Articles 5 and 17)
Description:
Cross-Border Trade in Services and Investment
1. Israeli residency or nationality is required to obtain a license.
2. Foreign veterinarians, who are not Israeli residents or nationals, may obtain a permit from the Ministry of Agriculture for advising, teaching and research.
9. Sector: Business Services
Sub-Sector: Tower crane operator; mobile crane operator
Obligations Concerned: National Treatment (Articles 9.3 and 10.2)
Local Presence (Article 10.5)
Measures:
Guidelines for renewing or amending certification for tower crane operators and mobile crane operators, Nb 441679
Description:
Cross-Border Trade in Services and Investment
Israeli residency or nationality is required in order to obtain authorization to operate.
10. Sector: Business Services
Sub-Sector: Investigation services
Industry Classification: CPC 87301
Obligations Concerned:
National Treatment (Articles 9.3 and 10.2)
Local Presence (Article 10.5)
Measures: The Private Investigators and Security Services Law, 1972 (Articles 4, 9-11 and 13).
Description:
Cross-Border Trade in Services and Investment
Israeli residency or nationality is required to obtain a license. Ownership of an investigation corporation may be held only by licensed investigators. An investigation and security corporation may employ only licensed private investigators.
11. Sector: Business Services
Sub-Sector: Disinfecting and exterminating services
Industry Classification: CPC 87401
Obligations Concerned:
National Treatment (Articles 9.3 and 10.2)
Local Presence (Article 10.5)
Measures: