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S. Korea-UAE CEPA to Help Local Businesses' Mideast Expansion, Bolster Economic Security

Written: 2024-05-29 16:40:49Updated: 2024-05-29 17:08:00

S. Korea-UAE CEPA to Help Local Businesses' Mideast Expansion, Bolster Economic Security

Photo : YONHAP News

The comprehensive economic partnership agreement(CEPA), signed between South Korea and the United Arab Emirates(UAE) on Wednesday is expected to help secure the base for domestic companies' business expansion in the Middle East and bolster economic security through a stable energy supply.

The CEPA, which is Seoul's first to sign with an Arab country, was signed by their trade chiefs in the presence of President Yoon Suk Yeol and visiting UAE President Mohamed bin Zayed Al Nahyan, seven months after the two sides struck the deal.

CEPA is a type of free trade agreement that also includes ways to bolster and expand bilateral cooperation and exchanges in a wide range of areas.

Once the CEPA with the UAE takes effect, the two sides will mutually open their markets, South Korea 92-point-five percent and the UAE 91-point-two percent in terms of the number of trade items, over the next ten years.

The UAE will abolish tariffs on South Korean automobiles, auto parts, electronics, weapons, and agricultural, livestock and fisheries products. South Korea will abolish tariffs for the UAE's crude oil, petrochemical products and date palm.

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