The UAE and South Korea have discussed the prospect of pursuing a Comprehensive Economic Partnership Agreement or CEPA, local reports have said.
The agreement is expected to strengthen economic ties, enhance investment opportunities, and firm up bilateral cooperation between the two countries.
The CEPA negotiation process is set to begin soon, said the local reports.
It is expected to cover a variety of issues, including market access to goods and services, as well as ecommerce and achieving carbon neutrality.
The discussion came during a meeting between the UAE’s Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, and a high-level Korean delegation headed by South Korea’s Minister for Trade Yeo Han-Koo.
The UAE has already started negotiations on two such deals, following the launch of talks with India and Indonesia in September.
“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,” the reported quoted Al Zeyoudi as saying.
“South Korea and the UAE are natural trade and investment partners with shared goals to deliver sustainable economic growth,” he added.
“Today’s intention to launch a CEPA is a step forward in our vision for a mutually beneficial partnership that creates new jobs and investment opportunities,” explained the minister.
In an exclusive statement to the Emirates News Agency, Yeo Han-Koo said, “The UAE is South Korea’s Special Strategic Partner in the Middle East and our bilateral pursuit of a Comprehensive Economic Partnership Agreement will upgrade our thriving bilateral partnership to the next level.”
He added: “The CEPA would serve as a leverage to further expand bilateral trade and investment. 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 went on to say: “I also would like to note that the UAE-Korea CEPA will be our first-of-its-kind [partnership] in the Middle East. This shows how important this relationship is to Korea.”
The UAE is South Korea’s largest trading partner in the Arab world, with bilateral trade exchange valued at $9.4 billion in 2020.