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
“Our strategic partnership spans over 45 years of relations and strategic projects between both nations, mainly in the energy sector, including the conventional nuclear programme, as well as contributions in the defence sector, which has been one of the highlights, even during the business round-table,” Dr Al Zeyoudi said.
“Food security has also become more vital in this relationship. We’re seeing good growth in our bilateral ties in terms of imports of food products from South Korea, but also in terms of investments, which was also one of the topics raised during the round-table.”
In further remarks shared with state news agency Wam, he told of how the UAE and South Korea share a “unified vision” for driving sustainable growth through investment and trade and said the partnership would “elevate co-operation” to new levels.
He said the visit of the South Korean leader – his first to the Emirates since his election in June – highlighted the strategic importance South Korea places on its relationship with the UAE.
The minister said non-oil trade between the UAE and Korea reached $6.6 billion last year, growing by more than 11 per cent, while trade amounted to $3.1 billion during the first half of this year, emphasising the benefits of a growing alliance.
He said the round-table event involved more than 25 companies across the private sector, exploring ways to forge closer links from the Middle East to the Far East.
Major deals struck
The UAE and South Korea sealed a number of agreements on the sidelines of Sheikh Mohamed's meeting with Mr Lee on Tuesday.
A strategic AI co-operation framework was agreed, along with a plan to bolster collaboration between the UAE Space Agency and the Korea AeroSpace Administration.
The countries will also work together on biohealth, intellectual property, nuclear energy and global markets.
The UAE delegation at the business round-table was comprised of Khaldoon Al Mubarak, chairman of the Executive Affairs Authority and managing director and Group chief executive of Mubadala Investment Company; Mohamed Alsuwaidi, Minister of Investment; Dr Thani Al Zeyoudi, Minister of Foreign Trade; Saeed Al Hajeri, Minister of State at the Ministry of Foreign Affairs; and Saif Ghobash, Secretary General of the Abu Dhabi Executive Council and chairman of the Office of the Crown Prince, alongside senior officials and business leaders from various key sectors.
The South Korean President concluded his state visit on Wednesday.
His aircraft was joined by a formation of UAE Air Force jets as it left the country's airspace in a gesture of respect.
Mr Lee had been seen off at the Presidential Airport by Maitha Al Shamsi, Minister of State, Saeed Al Hajeri, Minister of State, and Abdullah Saif Al Nuaimi, UAE Ambassador to the Republic of Korea, and a number of officials.
