UAE, South Korea sign comprehensive economic partnership agreement
Date
5/30/2024 2:29:19 AM
(MENAFN) Wednesday witnessed a significant moment as the President of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan, and the President of South Korea, Yoon Suk-yeol, attended the signing ceremony of a landmark Comprehensive Economic Partnership Agreement (CEPA). This historic agreement was formalized by Dr. Thani bin Ahmed Al Zeyoudi, the UAE's Minister of State for Foreign Trade, and Dokgun Ahn, South Korea's Minister of Industry, Trade, and Energy, as reported by the official Emirati news agency.
Sheikh Mohammed bin Zayed expressed his enthusiasm for the signing of this comprehensive agreement with South Korea, highlighting it as a significant milestone in the continually evolving bilateral relations between the two nations. He underscored the shared vision between the UAE and South Korea, which focuses on progress, innovation, and sustainable development. This historic agreement, he noted, reflects a mutual commitment to enhancing trade, investment, and innovation.
The Comprehensive Economic Partnership Agreement marks a key achievement within the UAE's foreign trade program, which aims to boost the value of non-oil foreign trade to over 4 trillion dirhams ($1.09 trillion) by 2031. This ambitious target is to be achieved by eliminating or reducing customs duties, improving market access for exporters, removing trade barriers, and establishing a robust platform for cooperation with the private sector. This agreement is expected to significantly contribute to the UAE's economic diversification and strengthen its trade ties with South Korea, fostering an environment conducive to business growth and innovation.
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