The United Arab Emirates and South Korea have concluded talks towards a bilateral trade deal, known as a Comprehensive Economic Partnership Agreement (CEPA), the two countries said.
Trade and investment ties between the Gulf state and South Korea have been steadily advancing; in the first half of 2023, bilateral non-oil trade reached $3 billion, similar to the same period last year, but up 21% over 2021, a statement said.
Meanwhile, the Korea Electric Power Corporation and a consortium of Korean firms also constructed all four units of the $20 billion nuclear Barakah Power Plant in Abu Dhabi, which became operational in April this year, to help support the UAE’s domestic electricity needs.
South Korea was one of the first countries with which the Gulf state launched talks for a CEPA in 2021.
Three months later, however, the Asian state revived dormant Free Trade Agreement (FTA) talks with the six-member Gulf Cooperation Council bloc, of which the UAE is a member.
Report says the UAE has so far signed several CEPAs including from previous political foes Israel and Turkey, to Asian giants India and Indonesia, as part of a strategy to diversify its economy from oil.
It has said it does not mix politics with trade when asked whether the Israel-Gaza conflict would have an impact on the Gulf state’s trade deal with Israel.
REUTERS/Christopher Ojilere
