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5/31/24, 3:51 PM UAE and South Korea sign pact to boost trade as President Sheikh Mohamed visits
The UAE and South Korea have signed a Comprehensive Economic Partnership

Agreement aimed at strengthening economic and trade co-operation between the
countries.

This deal was signed on Wednesday during the visit of President Sheikh
Mohamed to Seoul, where he met South Korean President Yoon Suk Yeol.

The leaders held “constructive discussions on strengthening bilateral ties”, Sheikh

Mohamed said on X.

“Together, we witnessed the signing of numerous MoUs [memorandum of

understandings] and the Comprehensive Economic Partnership Agreement
between the UAE and the Republic of Korea,” he said.

“Today’s signing represents a promising step forward as we commit to building
upon the robust economic co-operation that links our nations and delivering

tangible growth for our peoples.”

The latest deal is expected to contribute 1.17 per cent to the UAE’s gross domestic
product by 2032 and 2.37 per cent to South Korea’s GDP during the same period,

according to a government statement.

The UAE and South Korea concluded negotiations for the Cepa in October, with
the deal aimed at reinforcing East-West supply chains and enabling two-way
foreign direct investment flows, state news agency Wam reported at the time.

Wednesday's agreement will also improve joint research and knowledge
exchange across sectors including energy, advanced manufacturing, technology,

food security and health care, it said.

The Cepa with South Korea, “which follows a series of MoUs on industrial and
technological collaboration signed in January 2023, will enable our businesses,

investors and entrepreneurs to engage with their counterparts, share knowledge
Feedback
and insights and drive a new era of growth based on innovation and creativity,”
said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology.

This comes as the Arab world's second-largest economy continues to strengthen

trade ties with countries around the globe.

With this latest announcement, UAE has signed 10 Cepas. It has also agreed on
deals with India, Turkey, Israel, Indonesia, Cambodia, Georgia, Ukraine, Colombia

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