In the presence of UAE President Sheikh Mohamed bin Zayed Al Nahyan and the Republic of Korea President, Yoon Suk Yeol, the two countries signed a landmark Comprehensive Economic Partnership Agreement (CEPA) that is expected to further enhance economic cooperation and mutual growth.
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Ahn Duk-geun, Minister of Trade, Industry and Energy of the Republic of Korea, signed the agreement in Seoul in a ceremony that took place during Sheikh Mohamed’s state visit to the country.
Sheikh Mohamed bin Zayed Al Nahyan welcomed the agreement with the Republic of Korea as a significant milestone in the ever-evolving relationship between the two nations and said that the UAE and the Republic of Korea share a vision of progress, innovation, and sustainable development. The agreement demonstrates the joint commitment of the two countries to boost trade, investment, and innovation.
UAE’s CEPA trade boost
UAE’s CEPA foreign trade programme is designed to propel non-oil foreign trade beyond AED4 trillion by 2031 by removing or reducing tariffs, enhancing market access to exporters, eliminating trade barriers, and creating platforms for private sector collaboration.
Under the terms of the agreement, companies and investors from both sides will benefit from the elimination of almost all tariffs, the removal of trade barriers in vital sectors, including energy and resources, healthcare, advanced industries, smart farms, and bio-economy, in addition to greater access to markets in fast-growing regions of the Middle East and Asia.
The two sides also signed a framework agreement on climate change cooperation. Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and UAE Special Envoy for Climate Change signed the agreement on behalf of the UAE. Ahn Duk-geun, Minister of Trade, Industry, and Energy signed it for Korea.
The two heads of State were also present at a ceremony to announce and sign several agreements and memoranda of understanding aimed at developing cooperation and expanding the Special Strategic Partnership between the countries.
This included Letters of intent signed by ADNOC Logistics & Shipping to construct 10 new-build LNG vessels for a total value of AED9.4 billion ($2.56 billion) with Samsung Heavy Industries and Hanwha Ocean.
Among other agreements and MoUs signed were…
- MoU on cooperation on energy infrastructure development in third countries
- MoU between the UAE Ministry of Economy and the Ministry of SMEs and Startups of the Republic of Korea
- MoU on investment cooperation framework
- MoU on joint investment in nuclear power plants in third countries
- MoU in the intellectual property field between the UAE Ministry of Economy and the Korean Intellectual Property Office
- MoU on joint cooperation in Africa between the Ministries of Foreign Affairs of the UAE and the Republic of Korea
- MoU on cooperation in the field of maritime transport between the UAE Ministry of Energy and Infrastructure and the Ministry of Oceans and Fisheries in the Republic of Korea
- MoU on cooperation in the cultural sector
- MoU between the UAE Ministry of Industry and Advanced Technology and the Ministry of Trade, Industry and Energy of the Republic of Korea on carbon capture and storage
- MoU between the Anwar Gargash Diplomatic Academy and the Korean National Diplomatic Academy
- Announcing the already signed SCA between ADNOC and the Korean Consortium (Korean National Oil Company, GS Energy and Samsung E&A)
- MoU between ADNOC and Hyosung to explore collaboration opportunities across the LPG value chain, such as logistics and supply
- Implementing an arrangement between the UAE Federal Authority for Nuclear Regulation and the Korea Institute of Nuclear Safety for the exchange of technical information and cooperation in nuclear safety and radiation protection
- MoU on cooperation in developing radio spectrum management
- MoU for the Strategic Stockpile Project between the UAE and the Republic of Korea
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