South Korea and Israel have established a free trade pact after three years of negotiations. 

Seoul's trade minister Yoo Myung-hee announced on Wednesday that she met with Israeli Economy and Industry Minister Eli Cohen and signed the free trade agreement(FTA) in Jerusalem.

The two sides held a total of six rounds of official negotiations to clinch the deal, under which South Korea will scrap 99-point-nine percent of tariffs on Israeli imports while Israel, for its part, will remove all tariffs on Korean products. 

The South Korean government said the terms of the deal will gradually take effect for the trade of sensitive items, including Israeli grapefruits and fertilizers.

The deal marks the very first FTA between Israel and an Asian country.