South Korea and the United Arab Emirates have signed a comprehensive economic partnership agreement to boost trade openness and expand market access. This agreement was signed during the UAE president’s first state visit to South Korea.
The UAE is the first Arab country to enter into such a partnership with South Korea. The trade, industry, and energy ministers from both countries attended the signing ceremony, which was part of a summit between South Korean President Yoon Suk Yeol and UAE President Mohamed bin Zayed Al Nahyan in Seoul.
The agreement, similar to a free trade deal, includes tariff liberalization, the opening of service sectors like healthcare and online gaming, and the establishment of an economic partnership in biotechnology and energy sectors.
Furthermore, the two countries have confirmed the UAE’s commitment to invest $30 billion through sovereign wealth funds, strengthening investment cooperation and increasing interest in Korean companies. This commitment was made during a previous summit between the two leaders in January 2023.
The summit concluded with the signing of 19 agreements and memorandums of understanding in various areas including climate change response, maritime transport cooperation, joint investment in petrochemicals, and collaboration on intellectual property capacities.
The UAE and South Korea have also agreed to explore joint entry into the African market, energy infrastructure sector, and nuclear power plant market through the signing of three MOUs. The two leaders discussed enhancing cooperation in AI development and long-term strategic defense cooperation.
The UAE is the only foreign country where South Korea has deployed the “Akh Unit” for military cooperation since 2011. The summit also included cultural exchanges and official meetings with leaders of major South Korean companies.
Overall, the visit by the UAE president has strengthened the “Special Strategic Partnership” between the two countries, paving the way for deeper cooperation and collaboration in various sectors.
