South Korea will gradually lift or lower tariffs on more than 95 percent of its imported products from Indonesia and Israel as it has clinched trade deals with the two nations, the finance ministry said Tuesday.

The Cabinet approved a revised enforcement ordinance in preparation for implementing trade deals with Indonesia and Israel.

In December last year, South Korea and Indonesia inked the comprehensive economic partnership agreement (CEPA), which is equivalent to a free trade deal but centers on a broader scope of economic cooperation.

In May, the country signed a free trade agreement (FTA) with Israel, a move expected to boost Seoul's exports of cars and auto parts.

If the trade deals go into effect, Seoul will lift tariffs on 95.8 percent of products being traded with Indonesia and on 95.2 percent of those with Israel, according to the finance ministry. (Yonhap)