The United Arab Emirates and South Korea have announced the completion of negotiations on a bilateral trade agreement known as a Comprehensive Economic Partnership Agreement (CEPA).
commerce and investment links between the Gulf state and South Korea have been steadily improving; bilateral non-oil commerce reached $3 billion in the first half of 2023, equivalent to the same period last year but up 21% over 2021, according to a statement.
To assist meet the UAE’s domestic electricity needs, the $20 billion nuclear Barakah Power Plant in Abu Dhabi, which went into operation in April of this year, was also built by the Korea Electric Power Corporation and a group of Korean companies.
One of the first nations with whom the Gulf state began CEPA negotiations in 2021 was South Korea.
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.
