The recent trade agreement signed by the UAE and South Korea is set to strengthen supply chains and facilitate direct investment flows between the two countries. The Comprehensive Economic Partnership Agreement (Cepa) was signed at a summit in Seoul to reduce import duties and enhance business and investment ties, according to a joint statement. The agreement aims to nurture sustainable growth through trade, investment, and economic diversification.
The collaboration between the two countries will focus on key areas such as economy and investment, conventional energy, clean energy, peaceful nuclear energy, defense technology, and cybersecurity. The leaders also aim to promote cooperation in other areas like infrastructure, high-tech industry, space, and education. Through various agreements and Memorandums of Understanding, the UAE and South Korea will deepen their economic relations and explore opportunities for trilateral cooperation with other partners.
The Cepa between UAE and South Korea is expected to reinforce East-West supply chains, facilitate two-way FDI flows, and enhance joint research and knowledge exchange across various sectors. Both countries will focus on protecting Intellectual Property Rights (IPR) and implementing sustainable development policies. Additionally, cooperation in sectors like tourism, aviation, and joint investment initiatives will further strengthen their economic ties.
In the fields of conventional and clean energy, both countries will work towards accelerating investments in energy security, decarbonisation, and climate action. They will promote clean and renewable energy technologies, including hydrogen and ammonia, to develop a sustainable model for meeting future energy needs. The agreement also includes cooperation in the peaceful nuclear energy sector to promote economic growth and energy security.
The partnership between UAE and South Korea extends to areas like defense technology, education, healthcare, agriculture, space, advanced technology, and science development. Both countries will foster collaboration in fields like AI, 5G, intellectual property, SMEs, startups, railway infrastructure, and infrastructure development in third countries. The leaders also plan to address global and regional issues like climate change, extremism, and developments on the Korean Peninsula.
The joint efforts aim to enhance bilateral cooperation and promote sustainable development in various sectors, focusing on mutual interests and shared values. Both UAE and South Korea are committed to fostering a strong partnership that benefits their economies and contributes to global stability and progress. Through strategic alliances and collaborative initiatives, the two countries seek to create a more innovative and inclusive future for their people and the international community as a whole.
