UAE and South Korea Sign Landmark Economic Partnership Agreement

HiDubai Newswire -

President Sheikh Mohamed bin Zayed Al Nahyan and President Yoon Suk Yeol witnessed the signing of a Comprehensive Economic Partnership Agreement between the UAE and South Korea, marking a new chapter in economic cooperation. The agreement was signed by Dr. Thani bin Ahmed Al Zeyoudi and Ahn Duk-geun in Seoul.

The UAE and South Korea signed a framework agreement on climate change cooperation, represented by Dr. Sultan bin Ahmed Al Jaber for the UAE and Ahn Duk-geun for South Korea.

The UAE-Korea agreement under the UAE’s CEPA program aims to boost non-oil foreign trade beyond AED4 trillion by 2031, eliminating tariffs and trade barriers, enhancing market access, and fostering private sector collaboration. It includes climate change cooperation and several agreements to strengthen their Special Strategic Partnership.

The agreements and memoranda of understanding included the following:

  • 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
  • Letters of intent to construct 10 new-build LNG vessels for a total of AED9.4 billion between ADNOC L&S, Samsung Heavy Industries and Hanwha Ocean
  • 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

News Source: Emirates News Agency