Strengthening Economic Cooperation and Opening New Doors:
The relationship between the United Arab Emirates and the Republic of Korea has taken a significant leap forward.
This is due to the signing of UAE-Korea CEPA during His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE’s, visit to Korea.
This agreement is a major achievement within the UAE’s Foreign Trade Program.
It also contributes to its goals of increasing the value of non-oil foreign trade to over 4 trillion dirhams by 2031.
His Highness Sheikh Mohammed bin Zayed was pleased with this step, he posted the following on his official “X” account:
I was pleased to meet @President_KR Yoon Suk Yeol in Seoul and engage in constructive discussions on strengthening bilateral ties. Together, we witnessed the signing of numerous MoUs and the Comprehensive Economic Partnership Agreement between the UAE and Republic of Korea.… pic.twitter.com/LY1j1dKryZ
— محمد بن زايد (@MohamedBinZayed) May 29, 2024
Key Features UAE-Korea CEPA:
- Eliminate Customs Duties:
Removal or reduction of customs duties on most goods traded between the UAE and Korea, stimulating trade and investment. - Improve Market Access:
Facilitating access for exporters from both countries to each other’s markets, including high-growth regions in the Middle East and Asia. - Remove Trade Barriers:
Addressing obstacles to trade in key sectors such as energy, resources, healthcare, advanced industries, smart farms, and the bioeconomy. - Enhance Private Sector Cooperation:
Establishing a strong platform for cooperation between the two governments and the private sector to promote investment opportunities and develop joint projects.
Expected Positive Impacts:
- Trade Growth: The agreement is expected to significantly increase bilateral trade volume between the two countries.
- Attracting Investment: The improved business environment will incentivize attracting more foreign direct investment to both countries.
- Boosting Innovation: The agreement will create new opportunities for collaboration in research and development, contributing to strengthening the knowledge economy in both countries.
- Job Creation: The new projects and opportunities created by the agreement will contribute to creating more jobs for young people in both countries.
The Korean capital (Seoul) witnessed the holding of the UAE-Korea Business and Investment Forum, which concluded today on the sidelines of the President of the State’s visit to the Republic of Korea. pic.twitter.com/OoMHxeb4c9
— UAE Voice (@uae_voiceeng) May 29, 2024
A Step Towards a Shared Future:
The UAE-Korea CEPA embodies the commitment of both countries to strengthen their economic ties and solidify cooperation.
This agreement represents a significant step towards achieving sustainable development and shared prosperity for both countries and their people.
