Sumary of S. Korea, UAE agree to push for free trade deal:
- 14 (Yonhap) — South Korea and the United Arab Emirates (UAE) announced Thursday that they will launch official talks toward a bilateral free trade agreement, Seoul’s trade ministry said.
- Trade Minister Yeon Han-koo met his UAE counterpart, Thani Ahmed Al Zeyoudi, in Dubai, and issued a joint statement that calls for pushing to forge a Comprehensive Economic Partnership Agreement (CEPA), according to the Ministry of Trade, Industry and Energy.
- The CEPA is a type of free trade agreement that emphasizes a broader scope of economic cooperation and exchanges on top of market opening.
- ” South Korea’s trade volume with the UAE stood at $9.4 billion as of 2020. The trade ministry said it will soon begin due domestic procedures to initiate the talks with the UAE, though it did not provide a specific timeframe.