UAE - Mubasher: The UAE and South Korea have discussed the prospect of pursuing a Comprehensive Economic Partnership Agreement (CEPA) to expand trade and investment relations between the two countries.
This announcement was made during a meeting held between the UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, and an official delegation from South Korea, according to a press release on Thursday.
The CEPA aims to foster economic ties, enhance investment opportunities, and strengthen bilateral cooperation between the UAE and South Korea.
The UAE is South Korea’s largest trading partner in the Arab world, with a bilateral trade exchange valued at $9.4 billion in 2020 and the growth of the non-oil trade to $2.1 billion in the first six months of 2021.
Al Zeyoudi said: "Today’s intention to launch CEPA 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."
Meanwhile, the South Korean Minister for Trade, Yeo Han-Koo, commented: "The CEPA would serve as a leverage to further expand bilateral trade and investment. And it would intensify future-oriented cooperation between two countries and serve as a framework for achieving more concrete outcomes from our bilateral collaboration."