‘Agreement signed to enhance economic ties between South Korea and UAE’

South Korea and the United Arab Emirates (UAE) have taken a significant step to enhance their economic relations by signing the Comprehensive Economic Partnership Agreement (CEPA). The agreement was signed following summit-level talks between President Yoon Suk-yeol and UAE leader Mohamed bin Zayed Al Nahyan in Seoul.

During Al Nahyan’s two-day state visit to South Korea, the first by any sitting Emirates leader, a total of 19 deals were signed. One of the key agreements was a memorandum of intent for South Korea to construct at least six liquefied natural gas carriers valued at around .5 billion. This move highlights the commitment of both countries to strengthen their economic ties.

Furthermore, the UAE reiterated its pledge to invest approximately billion in South Korea, a commitment that was initially made during President Yoon’s state visit to the UAE in January last year. The two nations also agreed to collaborate in various areas such as investment, energy, nuclear power, defense, technology, climate change, and cultural exchanges.

In addition to these agreements, Yoon and MbZ (Mohamed bin Zayed Al Nahyan) decided to enhance a joint crude oil storage project, further solidifying their partnership. The diplomatic relations between South Korea and the UAE were established in 1980, and their bilateral trade volume hit .8 billion last year.

The CEPA signing and the various agreements reflect the shared commitment of South Korea and the UAE to deepen their economic partnership and explore new avenues for collaboration in different sectors. This milestone signifies a new chapter in the economic relations between the two countries, paving the way for mutual growth and prosperity.