Wednesday 29 May 2024 - 13:50

South Korea, UAE Sign Comprehensive Economic Partnership Agreement

Story Code : 1138382
South Korea, UAE Sign Comprehensive Economic Partnership Agreement
South Korean President Yoon Suk-yeol and visiting UAE President Mohamed bin Zayed Al Nahyan held a summit meeting in Seoul, during which the CEPA was inked to solidify the bilateral economic partnership in comprehensive areas such as trade liberalization and investment expansion, the South Korean presidential office said, Xinhua reported.

The UAE was the first Arab nation to reach a free trade deal with South Korea.

The two nations signed a memorandum of intent, in which South Korean shipbuilders will build at least six liquefied natural gas (LNG) carriers worth about 1.5 billion US dollars for the Abu Dhabi National Oil Company (ADNOC).

The UAE's sovereign wealth fund also reaffirmed its previous commitment to invest 30 billion dollars in South Korea.

The two sides signed other deals and Memorandum of Understanding (MoU) in climate change, energy, infrastructure, nuclear power, intellectual property, defense and technology.

Mohamed arrived in Seoul on Tuesday for a two-day state visit, becoming the first UAE president to make a state visit to South Korea.