DUBAI, Oct 14 (Reuters) – The United Arab Emirates and
South Korea have concluded talks towards a bilateral trade deal,
known as a Comprehensive Economic Partnership Agreement (CEPA),
the UAE’s trade minister said on Saturday.
Trade and investment ties between the Gulf state and South
Korea have been steadily advancing; in the first half of 2023,
bilateral non-oil trade reached $3 billion, similar to the same
period last year, but up 21% over 2021, a statement said.
The Korea Electric Power Corporation and a consortium of
Korean firms also constructed all four units of the $20 billion
nuclear Barakah Power Plant in Abu Dhabi, which became
operational in April this year, to help support the UAE’s
domestic electricity needs.
South Korea was one of the first countries with which the
Gulf state launched talks for a CEPA in 2021.
Three months later however, the Asian state revived dormant
Free Trade Agreement (FTA) talks with the six-member Gulf
Cooperation Council bloc, of which the UAE is a member.
“We resumed talks with Korea earlier this year as we were
both keen to conclude a deal and advance our respective economic
agendas,” Thani Al Zeyoudi, UAE minister of foreign trade, told
Reuters, adding the GCC FTA talks remained ongoing.
The UAE has so far signed several CEPAs including from
previous political foes Israel and Turkey, to Asian giants India
and Indonesia, as part of a strategy to diversify its economy
from oil.
It has said it does not mix politics with trade, when asked
whether the Israel-Gaza conflict would have an impact on the
Gulf state’s trade deal with Israel.
(Reporting by Rachna Uppal; Editing by Sharon Singleton)
