Page 232 - MOE ENGLISH PR - MAY 2024

5/31/24, 3:19 PM UAE ministers and officials praise comprehensive economic partnership agreement between UAE and Republic of Korea | Emirat…
our exporters, investors and innovators. The UAE-Korea

CEPA embodies our ambitions, offering greater

integration with one of the 12 largest global economies

and an industrial powerhouse. It will build on already

robust ties, with non-oil bilateral trade valued at US$5.3

billion in 2023, which maintained the record levels set in

2022. The UAE is already Korea’s second-largest trade

partner in the Arab World, accounting for 20 percent of

Korean trade with the region, and we fully expect that

figure to increase significantly in the years ahead.

“Importantly, this deal will also strengthen a major trade

corridor and, by connecting opportunity right the way

from Asia through Africa and into South America, drive

the development of East-West supply chains. It will

create market opportunities for our exporters and

manufacturers, and enable our logistics companies,

freight-forwarders and wholesalers to play an

increasingly central role in global trade. We also see the

expansion of Korean investment into the UAE as we

become an important gateway for its products into the

high-potential markets of the Middle East and Africa,” he

added.

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