South Korea and UAE advance comprehensive economic partnership agreement

Seetao 2021-10-21 10:19
  • The cooperation between the two countries will promote the further development of relations between East Asia and the Middle East
Read this article
5 Minutes

In the context of the deepening of economic globalization, seeking exchanges and cooperation among countries has become an important strategic development trend. The Ministry of Trade, Industry and Energy of Korea stated on October 14 that Lu Han-jeou, Minister of Trade Negotiations of the Ministry of Industry, visited Dubai, UAE, and issued a joint declaration with the UAE Minister of Foreign Trade on the promotion of the Comprehensive Economic Partnership Agreement (CEPA). CEPA is one of the free trade agreements similar to FTA. It not only includes the flow of goods and labor between the two countries, but also includes comprehensive exchanges and cooperation.

Minister Lu then visited the Dubai Investment Department to discuss plans to strengthen South Korea-Arab investment cooperation, and visited Masdar City, a representative low-carbon green city in the UAE. Minister Lu emphasized that the UAE is the core friend of the establishment of a special strategic partnership. Not only in nuclear power and other energy fields, but also in recent years to overcome the new crown pneumonia epidemic, the two sides have been working closely together. At present, South Korea’s exports to Afghanistan are 3.7 billion U.S. dollars and imports 5.7 billion U.S. dollars. Through the promotion of the CEPA agreement, the two countries’ trade will further increase, and investment and human exchanges in new industries will be more active. Biology, aerospace, AI innovation, fourth Cooperation in a wide range of fields such as the sub-industrial revolution will be further strengthened. Especially in order to jointly deal with climate change, the two countries will work together in the development of the hydrogen energy economy and the diffusion of new and renewable energy.

The current energy crisis is sweeping the world and the development of clean energy is imminent. Minister Lu said that the UAE is a country with potential in terms of renewable energy development and energy efficiency improvement. He hopes that the two sides will cooperate with each other to reduce global greenhouse gas emissions. Editor/Xu Shengpeng