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UAE, South Korea Launch Trade Partnership Talks

UAE, South Korea Launch Trade Partnership Talks

Friday, 15 October, 2021 - 08:45
UAE Minister of State for Foreign Trade Dr. Thani Bin Ahmed Al Zeyoudi and South Korean Trade Minister Yeo Han-Koo (Asharq Al-Awsat)

UAE Minister of State for Foreign Trade Dr. Thani Bin Ahmed Al Zeyoudi and South Korean Trade Minister Yeo Han-Koo announced that the UAE and South Korea on Thursday agreed to start negotiations on a bilateral trade deal targeting a broad expansion of economic ties.


The move is part of the UAE's plan to make economic agreements with eight countries.


“We are working around the clock to consolidate the UAE’s position as a global trade and logistics hub that connects the world to the broader region and beyond,” Zeyoudi said.


He added that “Today’s intention to launch a Comprehensive Economic Partnership Agreement is a step forward in our vision for a mutually beneficial partnership that creates new jobs and investment opportunities.”


“It reinforces our position as a gateway for goods and services that can flow through Africa, Asia and Europe under an economic blueprint for the next 50 years,” Zeyoudi stated.


“The CEPA would serve as a leverage to further expand bilateral trade and investment,” said Yeo Han-Koo.


“And it would intensify future-oriented cooperation between the two countries and serve as a framework for achieving more concrete outcomes from our bilateral collaboration,” he added.


The volume of trade between the UAE and South Korea reached more than $9.4 billion in 2020 and has grown to $2.1 billion in the first six months of 2021, according to government data.


In recent years, foreign direct investment has focused on strategically important national industries, such as renewable and nuclear energy, hydrocarbons, healthcare and logistics.


Prominent joint venture projects include the $20 billion Barakah Nuclear Power Plant in Abu Dhabi, with construction led by Korea Electric Power Corporation in a consortium that also includes Hyundai, Samsung, Korea Hydro & Nuclear Power and Doosan Heavy Industries and Construction.


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