A trade agreement signed by the UAE and South Korea will reinforce supply chains and facilitate direct investment flows, as stated in a joint statement issued by the two countries. The two countries signed the Comprehensive Economic Partnership Agreement (Cepa) at a summit in Seoul on Wednesday to cut import duties and forge closer business and investment ties.
President Sheikh Mohamed conducted a state visit to Korea from May 28 to 29, 2024, at the invitation of Yoon Suk Yeol, President of the Republic of Korea. Both leaders expressed their commitment to strengthening strategic cooperation in priority fields including economy and investment, conventional energy and clean energy, peaceful nuclear energy, and defense and defense technology and cybersecurity; as well as other areas of mutual interest such as infrastructure, high-tech industry, space, water technology, information and communication technology, SMEs and startups, agriculture, maritime transportation, civil aviation, education, culture, and healthcare.
The two leaders acknowledged the strong and historical economic and investment ties between the two countries and commended the official signing of the Cepa, which will nurture long-term, sustainable growth through trade, investment, and economic diversification. They highlighted their commitment to expanding mutual investments in key sectors, reinforcing East-West supply chains, facilitating two-way FDI flows, and enhancing joint research and knowledge exchange across various sectors. The leaders also explored the scope for trilateral cooperation with other partners and exchanged their perspectives on extremism.
Other areas of cooperation agreed upon included conventional energy and clean energy partnerships, peaceful nuclear energy projects, defense and defense technology collaborations, as well as initiatives in education, culture, healthcare, agriculture, space, advanced technology, intellectual property, SMEs, startups, railway infrastructure, and infrastructure development in third countries. Additionally, the two leaders pledged to work together on global and regional issues such as development projects/partnership in Africa, green growth, climate change, extremism, and denuclearization of the Korean Peninsula through peaceful dialogue.
The visit concluded with an expression of gratitude for the warm hospitality extended by the President of the Republic of Korea, and an invitation for the President of the Republic of Korea to visit the UAE in the near future. Both leaders agreed to meet frequently and further develop the Special Strategic Partnership between the two countries.
