Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, on Wednesday said a major economic pact between the UAE and South Korea would propel the nations into a “new phase” of co-operation.
Sheikh Khaled hailed the Comprehensive Economic Partnership Agreement – which was signed in May last year and is to come into effect within weeks – as a launch pad for further growth while attending a high-level business gathering in Abu Dhabi alongside South Korean President Lee Jae Myung.
He said the Cepa – one of close to 30 such deals in place with friendly countries – would remove trade barriers and expand partnership opportunities in both the public and private sector.
Mr Lee arrived in the UAE on Monday to begin a state visit. On Tuesday, he held key talks with President Sheikh Mohamed at an official reception at Qasr Al Watan in Abu Dhabi.
The meeting focused on the economic, trade and investment sectors, along with renewable energy. They also discussed technology, artificial intelligence, sustainability, education and culture, before underscoring the importance of supporting peace around the world.
Trade deal to come into effect
Dr Thani Al Zeyoudi, Minister of Foreign Trade, said on Wednesday that talks over the UAE-South Korea Cepa were in their final stages and it would come into force before the end of the year.
The minister set out plans to expand co-operation between the nations on the sidelines of the UAE-Korea business round-table.
Dr Al Zeyoudi said the Cepa would serve to enhance and diversify bilateral trade and economic relations by removing and substantially reducing tariffs to support the flow of goods and services between the countries.
Dr Al Zeyadi told The National of the strength of UAE-South Korea ties which span several decades, on the sidelines of the round-table event.
South Korean President visits UAE – in pictures
President Sheikh Mohamed meets with Lee Jae Myung, President of South Korea, during a state visit recep
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