The UAE and South Korea have signed a landmark Comprehensive Economic Partnership Agreement (CEPA) during the state visit of President Sheikh Mohammed bin Zayed Al Nahyan to Seoul.
Sheikh Mohammed bin Zayed Al Nahyan and South Korean President Yoon Suk Yeol oversaw the signing ceremony of the CEPA, heralding a new era of economic cooperation and shared growth between the two nations.
Sheikh Mohammed bin Zayed Al Nahyan hailed the agreement as a pivotal milestone in the continuously evolving bilateral relations between the two countries.
He emphasized that both countries share a vision of progress, innovation, and sustainable development. This historic agreement demonstrates their mutual commitment to enhancing trade, investment, and innovation.
The CEPA between the UAE and South Korea is a significant achievement within the Gulf nation’s foreign trade strategy, which aims to increase the value of non-oil foreign trade to over 4 trillion AED by 2031.
The agreement focuses on eliminating or reducing tariffs, improving market access for exporters, removing trade barriers, and establishing a platform for private-sector collaboration.
Under the CEPA, investors, and businesses from both countries will benefit from the removal of most tariffs and the elimination of trade barriers in key sectors such as energy, resources, healthcare, advanced industries, smart farming, and the economy.
The agreement also aims to enhance market access in the rapidly growing regions of the Middle East and Asia.
In addition to the CEPA, both nations signed a framework agreement on climate change cooperation. Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Special Envoy for Climate Change, signed the agreement on behalf of the UAE, while South Korean Foreign Minister Cho Tae-yong signed on behalf of South Korea.
This new phase of partnership underscores the deepening ties and shared vision of the UAE and South Korea, promising enhanced economic collaboration and mutual growth.
