The UAE and Republic of Korea Sign Landmark Economic Partnership Agreement
In a historic moment of economic cooperation and mutual growth, President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Yoon Suk Yeol, President of the Republic of Korea, witnessed the signing of a Comprehensive Economic Partnership Agreement between the two nations. The ceremony, which took place during His Highness’ state visit to the Republic of Korea, marked a new chapter in the relationship between the UAE and Korea.
The agreement, signed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, and Ahn Duk-geun, Minister of Trade, Industry and Energy of the Republic of Korea, was hailed as a significant milestone by President Sheikh Mohamed bin Zayed Al Nahyan. He emphasized the shared vision of progress, innovation, and sustainable development between the two countries, highlighting the commitment to boosting trade, investment, and innovation.
The UAE-Korea agreement is part of the UAE’s Comprehensive Economic Partnership Agreement (CEPA) foreign trade program, aimed at propelling non-oil foreign trade beyond AED4 trillion by 2031. The agreement focuses on removing or reducing tariffs, enhancing market access for exporters, eliminating trade barriers, and fostering private sector collaboration.
Under the terms of the agreement, companies and investors from both sides will benefit from the elimination of almost all tariffs, the removal of trade barriers in key sectors such as energy, healthcare, advanced industries, smart farms, and bio-economy, as well as increased access to markets in fast-growing regions of the Middle East and Asia.
In addition to the economic partnership agreement, the UAE and Korea also signed a framework agreement on climate change cooperation. This agreement, signed by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology of the UAE, and Ahn Duk-geun, Minister of Trade, Industry, and Energy of Korea, underscores the commitment to addressing climate change and promoting sustainable development.
During the visit, several agreements and memoranda of understanding were exchanged between the two countries to further enhance cooperation and expand the Special Strategic Partnership. These agreements covered a wide range of areas including energy infrastructure development, investment cooperation, joint investment in nuclear power plants, intellectual property, maritime transport, cultural cooperation, and carbon capture and storage.
Notable agreements included a Memorandum of Understanding (MoU) on cooperation in energy infrastructure development in third countries, a MoU between the UAE Ministry of Economy and the Ministry of SMEs and Startups of Korea, and a MoU on joint investment in nuclear power plants in third countries. These agreements are expected to strengthen the economic ties between the UAE and Korea and pave the way for future collaboration in various sectors.
The signing of the Comprehensive Economic Partnership Agreement and the exchange of agreements and memoranda of understanding mark a significant step forward in the relationship between the UAE and the Republic of Korea. The agreements are expected to boost economic cooperation, trade, and investment between the two nations, opening up new opportunities for growth and development.