South Korea and UAE: At a summit on Wednesday, South Korea and the United Arab Emirates signed a trade pact to drastically reduce import levies and establish stronger business and investment connections.
The office of President Yoon Suk Yeol released a statement stating that “the special bond between the two leaders serves as an opportunity” to advance the countries’ strategic partnership.
Sheikh Mohammed bin Zayed Al Nahyan, the president of the UAE, attended the Seoul summit, which took place after Yoon’s official trip to Abu Dhabi the previous year and had a focus on energy and defense.
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According to Yoon’s office, the UAE has reiterated its commitment to invest $30 billion in South Korean companies, from hydrogen and solar energy to nuclear power and defense.
As per Reuters, the Abu Dhabi National Oil Company inked a letter of intent with Hanwha Ocean and Samsung Heavy Industries to construct at least six LNG carriers, with a combined value of over $1.5 billion.
In October, South Korea’s industry officials signed the Comprehensive Economic Partnership Agreement (CEPA). If it passes, all tariffs on South Korea’s military exports will be removed.
South Korea has signed a lot of deals for defense technology around the world to become the fourth-largest defense exporter in the world by 2027.
In the end, the deal will get rid of tariffs on more than 90% of goods from both countries.
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At a news briefing, Seoul’s Minister of Trade, Cheong In-kyo, stated, “South Korea’s crude oil imports from the UAE are expected to increase,” highlighting the nation’s reliance on energy imports.
In the coming months, the UAE is anticipated to ink CEPAs with Malaysia, Vietnam, and the Philippines, according to Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi.
Sheikh Mohammed met with the heads of some of the biggest companies in South Korea on Tuesday. These included Kim Dong-kwan of Hanwha Group, which has become a significant defense contractor, Jay Y. Lee of Samsung Electronics, and Chairman Chey Tae-won of SK Group.
