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South Korea, UAE sign pact to boost economic relations

On Wednesday, South Korea and the UAE finalized the Comprehensive Economic Partnership Agreement (CEPA), aiming to enhance economic ties between the two countries. The deal was reached following a summit between President Yoon Suk-yeol and UAE leader Mohamed bin Zayed Al Nahyan in Seoul.

Anadolu Agency DIPLOMACY
Published May 29,2024

South Korea and the United Arab Emirates (UAE) Wednesday signed the Comprehensive Economic Partnership Agreement, or CEPA, to boost trade and economic relations.

The pact was signed after President Yoon Suk-yeol hosted UAE leader Mohamed bin Zayed Al Nahyan for summit-level talks in Seoul.

Al Nahyan is on a two-day state visit to South Korea, the first by any sitting Emirates leader.

Among 19 deals, the two sides signed a memorandum of intent "calling for South Korea to build at least six liquefied natural gas carriers worth some $1.5 billion," Seoul-based Yonhap News reported.

UAE reaffirmed its commitment to invest around $30 billion in South Korea as agreed by the two sides during Yoon's state visit to the Arab nation last year in January, in the first such trip by a South Korean president.

Seoul and the UAE agreed to jointly work in areas including investment, energy, nuclear power, defense, technology, climate change and cultural exchanges.

Besides, Yoon and MbZ decided to bolster a joint crude oil storage project.

The two sides established diplomatic relations in 1980 and the bilateral trade volume reached $20.8 billion last year.