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5/31/24, 3:51 PM UAE and South Korea sign pact to boost trade as President Sheikh Mohamed visits
and Costa Rica.

The country is also currently holding talks to conclude new deals with Serbia,
Vietnam, the Philippines, New Zealand and Ecuador and others.

The UAE is working towards signing 26 Cepas as it seeks to attract more
investment and diversify its economy.

“Under the terms of the agreement, companies
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and investors from both sides will benefit from the
UAE and South Korea conclude
Cepa talks to strengthen trade ties elimination of almost all tariffs, the removal of trade
barriers in vital sectors, including energy and
Trade deals and tech in focus as resources, health care, advanced industries, smart
President Sheikh Mohamed visits
China and South Korea farms and bio-economy, in addition to greater
access to markets in the fast-growing regions of
the Middle East and Asia,” the statement said.

Non-oil bilateral trade between the UAE and South Korea reached $5.3 billion last
year.

The Emirates is currently South Korea’s second-largest trade partner in the Arab

World, accounting for 20 per cent of trade with the region.

South Korea's investments in the UAE rose to $2.2 billion while the UAE's
investments in Korea stood at $578 million by the end of 2022, according to Wam.

Last year, all four units of the $20 billion Barakah power plant in Abu Dhabi, built
by the Korea Electric Power Corporation in a consortium that featured Hyundai,

Samsung, Korea Hydro and Nuclear Power, and Doosan Heavy Industries and
Construction, became operational, with the capability of meeting up to 25 per
cent of the UAE's electricity needs.

The new deal will “create market opportunities for our exporters and
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manufacturers, and enable our logistics companies, freight-forwarders and
wholesalers to play an increasingly central role in the global trade”, Dr Thani Al
Zeyoudi, Minister of State for Foreign Trade, said.

“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.”

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