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South Korea, UAE sign economic partnership agreement

SEOUL (XINHUA) – South Korea and the United Arab Emirates (UAE) yesterday signed a comprehensive economic partnership agreement (CEPA), marking the Asian country’s first free trade pact with an Arab country.

South Korean President Yoon Suk-yeol and visiting UAE President Mohamed bin Zayed Al Nahyan held a summit meeting in Seoul, South Korea, during which the CEPA was inked to solidify the bilateral economic partnership in comprehensive areas such as trade liberalisation and investment expansion, the South Korean presidential office said.

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 USD1.5 billion for the Abu Dhabi National Oil Company (ADNOC).

The UAE’s sovereign wealth fund also reaffirmed its previous commitment to invest USD30 billion in South Korea.

The two sides signed other deals and memorandum of understanding in climate change, energy, infrastructure, nuclear power, intellectual property, defence and technology.

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

United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan and South Korea President Yoon Suk-yeol during a welcoming ceremony at the Presidential Office in Seoul, South Korea. PHOTO: AFP