UAE, S Korea pave way for enhanced economic cooperation

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Dukgeun Ahn, Minister of Trade for the Republic of Korea, have concluded their negotiations towards a CEPA between the two nations.

A UAE-Korea CEPA will reinforce East-West supply chains, facilitate two-way FDI flows, and enhance joint research and knowledge exchange across a range of sectors, including energy, advanced manufacturing, technology, food security and healthcare.

The bilateral deal comes amid advancing trade exchange between the two nations. In the first half of 2023, bilateral non-oil trade reached $3 billion, which is consistent with H1 2022 and up 21 per cent in the same period in 2021.

The UAE is Korea’s second-largest Arab trade partner, while Korea is the UAE’s eleventh-largest trading partner among non-Arab Asian countries.

At the Presidential Summit in January 2023, the two nations signed a number of memoranda of understanding, including the ROK-UAE Trade and Investment Promotion Framework to pursue optimal trade collaboration strategies, covering areas such as supply chains, digital trade, logistics, business environment and technical barriers to trade, and a $30 billion plans to invest in strategic sectors of the Korean economy.

In April this year, all four units of the $20 billion Barakah Power Plant in Abu Dhabi, constructed by the Korea Electric Power Corporation in a consortium that included Hyundai, Samsung, Korea Hydro and Nuclear Power, and Doosan Heavy Industries and Construction, became operational, with the capability of meeting up to 25 per cent of the UAE's electricity needs.

On concluding negotiations, Al Zeyoudi said, “Our two nations share a deep commitment to driving long-term, sustainable growth through trade, investment and economic diversification.

"This deal can potentially be a powerful catalyst for innovation and enterprise.”

The talks represent the latest milestone in the UAE’s foreign trade agenda, launched in September 2021 to develop deeper ties with strategic allies worldwide.

UAE, Republic of Korea conclude CEPA negotiations#WamNewshttps://t.co/NZSJU6J1pI pic.twitter.com/pb9C2ey1Tk

— WAM English (@WAMNEWS_ENG) October 14, 2023