UAE ministers, officials praise CEPA between UAE and Republic of Korea

Ministers and officials in the UAE government affirmed that the Comprehensive Economic Partnership Agreement (CEPA) signed with the Republic of Korea marks the beginning of a new era of economic growth and constructive cooperation across economic, trade, and investment sectors with one of the world’s strongest economies.

The agreement aims to increase the free flow of trade between the two countries and open investment pathways in vital sectors. The signing of the agreement is part of the UAE’s plans to double its non-oil foreign trade to reach Dhs 4 trillion and increase exports to Dhs 800 billion by 2031.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, said, “The Ministry of Finance is keen to strengthen the UAE’s strategic relations across the world as we seek to build policies and partnerships to confront the challenges facing the global economy. The UAE’s Comprehensive Economic Partnership Agreement with the Republic of Korea is another important tool in our armoury, one that will spur further diversification, promote economic inclusion and attract investments into sectors of critical national interest - such as renewable energy and food security. Korea’s advanced economy, which has just posted a record trade surplus, presents an important partner for the UAE, and we are ready to fully embrace its possibilities.”

Suhail Bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure said, “The CEPA between the UAE and the Republic of Korea reflects the robust trade and investment ties between our nations - which includes increasing collaboration in renewable energy and its associated infrastructure. The Barakah Nuclear Energy Plant in Abu Dhabi, which was designed, built and operated by Korean energy firms, is the most conspicuous example, while the UAE has now committed to investing $30 billion in the Korean economy, with renewable energy and advanced technology among the sectors earmarked. As Korea seeks to deliver on its Green New Deal, which includes commitments to generate 20 percent of the country’s power with renewables by 2030, and as the UAE meets its own ambitious Net Zero targets, the CEPA will provide an important mechanism for facilitating more investment and cooperation in this priority sector.”

Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology said, “There are few countries that possess the industrial and technological knowhow of the Republic of Korea. Its emergence over the last three decades as a major global economy has been driven in large part by manufacturing exports, including machinery, consumer electronics, cars and automotive parts, which has helped propel its investment into the development of an unrivalled advanced technology ecosystem. The UAE is now fully committed to a similar development path, and a CEPA with Korea, which follows a series of MoUs on industrial and technological collaboration signed in January 2023, will enable our businesses, investors and entrepreneurs to engage with their counterparts, share knowledge and insights and drive a new era of growth based on innovation and creativity.”

Abdullah bin Touq Al Marri, Minister of Economy said, “The Republic of Korea is one of the major global economies, with a GDP exceeding $1.7 trillion and a highly developed mix of industrial, technological and service capabilities. It is an ideal trade and investment partner for the UAE, one capable of supporting our efforts to diversify the national economy and our transition to a knowledge- and innovation-based new economy. In light of the objectives of the “We UAE 2031” vision. The UAE-Korea Comprehensive Economic Partnership Agreement will create a wealth of opportunities for our private sector, from accelerated trade flows to investment and economic projects in key sectors of economy. The latest CEPA underlines our ongoing efforts towards achieving sustainable economic development, and will also contribute to enhancing the growing significance of Asia on the global economic landscape.

Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment said, “The Republic of Korea is one of the major champions of agri-tech and the ongoing transformation of food production systems. Their government is facilitating private-sector investment into this high-priority arena, which provides a number of exciting opportunities for partnership, collaboration and knowledge-sharing for our own agri-tech community, in turn helping to boost our food security ambitions. This will be one of the areas the new UAE-Korea Comprehensive Economic Partnership Agreement will enable us to unlock, and we look forward to working with our counterparts to identify and mine all the opportunities this platform will create for both nations.”

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade said, “The UAE is undergoing a profound economic transformation, driven by a combination of trade, talent and targeted investment into high-growth sectors. Our CEPA programme is essential to these ambitions, strengthening relations with key allies and creating new opportunities for our exporters, investors and innovators. The UAE-Korea CEPA embodies our ambitions, offering greater integration with one of the 12 largest global economies and an industrial powerhouse. It will build on already robust ties, with non-oil bilateral trade valued at US$5.3 billion in 2023. The UAE is already Korea’s second-largest trade partner in the Arab World, accounting for 20 percent of Korean trade with the region, and we fully expect that figure to increase significantly in the years ahead.

WAM