UAE, South Korea agree talks on trade deal

Korea Electric Power

14/10/2021 09:17

DUBAI, Oct 14 (Reuters) - The United Arab Emirates and South
Korea on Thursday agreed to start talks on a bilateral trade
deal they hope will expand economic opportunities, including
cooperation on technology and climate change. 
    The UAE as part of a push to boost its economic clout last
month said it would seek broad economic agreements covering
trade and investments with eight countries: India, Britain,
Turkey, South Korea, Ethiopia, Indonesia, Israel and Kenya.
 urn:newsml:reuters.com:*:nL1N2QH0BL 
    The deal with South Korea, called a Comprehensive Economic
Partnership Agreement (CEPA), aims to be a "mutually beneficial
liberalization of trade in goods, services and investment", a
joint statement from the two countries said. 
    "This will be our first free trade agreement with a country
in the Middle East," South Korea's Minister for Trade Yeo
Han-Koo said, adding that the UAE is their largest trading
partner in the Middle East. 
    Minister of State for Foreign Trade Thani Al Zeyoudi said he
expected negotiations to start within two months and that he
hopes a deal will be finalised within a year. 
    Zeyoudi said he hoped half of the eight CEPA agreements
would be complete by the end of 2022.  
    The UAE's push to expand its economic ties comes after it
was hit hard by the pandemic with its economy contracting last
year, and as it faces increasing economic competition 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 said. 
    The UAE and South Korea have been intensifying cooperation
on energy, Yeo said, citing as an example the Barakah nuclear
power plant in Abu Dhabi, which is being built by Korea Electric
Power Corp (KEPCO)  015760.KS .  urn:newsml:reuters.com:*:nL8N2QG18H 

 (Reporting by Alexander Cornwell 
Writing by Lisa Barrington
Editing by Raissa Kasolowsky)
 ((lisa.barrington@thomsonreuters.com;))