DUBAI, Oct 14 (Reuters) – The United Arab Emirates and South Korea on Thursday agreed to start out talks on a bilateral trade deal they hope will develop financial alternatives, together with cooperation on know-how and local weather change.
The UAE as a part of a push to spice up its financial clout final month mentioned it might search broad financial agreements masking trade and investments with eight nations: India, Britain, Turkey, South Korea, Ethiopia, Indonesia, Israel and Kenya. learn extra
The deal with South Korea, known as a Comprehensive Economic Partnership Agreement (CEPA), goals to be a “mutually beneficial liberalization of trade in goods, services and investment”, a joint assertion from the 2 nations mentioned.
“This will be our first free trade agreement with a country in the Middle East,” South Korea’s Minister for Trade Yeo Han-Koo mentioned, including that the UAE is their largest buying and selling accomplice within the Middle East.
Minister of State for Foreign Trade Thani Al Zeyoudi mentioned he anticipated negotiations to start out inside two months and that he hopes a deal will likely be finalised inside a yr.
Zeyoudi mentioned he hoped half of the eight CEPA agreements can be full by the top of 2022.
The UAE’s push to develop its financial ties comes after it was hit arduous by the pandemic with its financial system contracting final yr, and because it faces rising financial competitors from Saudi Arabia.
“The UAE believes that in an uncertain and fast-changing world, an open trading system and the seamless flow of goods, services and investments in the best guarantee of stable and sustainable growth,” Zeyoudi mentioned.
The UAE and South Korea have been intensifying cooperation on vitality, Yeo mentioned, citing for instance the Barakah nuclear energy plant in Abu Dhabi, which is being constructed by Korea Electric Power Corp (KEPCO) (015760.KS). learn extra
Writing by Lisa Barrington
Editing by Raissa Kasolowsky