The UAE and the Republic of Korea have signed a landmark Comprehensive Economic Partnership Agreement (CEPA), paving the way for a new chapter of economic cooperation and mutual growth.
The UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Yoon Suk Yeol, President of the Republic of Korea, witnessed the signing of CEPA at the Office of the President in Seoul.
The agreement was signed by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Ahn Duk-Geun, Minister of Trade, Industry and Energy of the Republic of Korea.
His Highness Sheikh Mohamed bin Zayed Al Nahyan welcomed the agreement with the Republic of Korea as a significant milestone in the ever-evolving relationship between the two nations, stating that “the UAE and the Republic of Korea share a vision of progress, innovation, and sustainable development.”
His Highness affirmed that this historic agreement demonstrates their joint commitment to boosting trade, investment, and innovation.
Under the terms of the agreement, companies and investors from both sides will benefit from the elimination of almost all tariffs, the removal of trade barriers in vital sectors, including energy and resources, healthcare, advanced industries, smart farms, and bio-economy, in addition to greater access to markets in fast-growing regions of the Middle East and Asia.
The two sides also signed a framework agreement on climate change cooperation between the Government of the UAE and the Government of the Republic of Korea.
Furthermore, His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Yoon Suk Yeol also witnessed a ceremony to announce, exchange, and sign several agreements and memoranda of understanding aimed at developing cooperation and expanding the Special Strategic Partnership between the two countries.
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