Ministers and officials from the UAE government have stated that the Comprehensive Economic Partnership Agreement (CEPA) signed with the Republic of Korea marks the start of a new era of economic growth and constructive cooperation in the economic, trade, and investment sectors with one of the world’s strongest economies.
The agreement aims to increase free trade between the two countries and open up investment opportunities in critical sectors. The signing of the agreement is part of the UAE’s plan to double non-oil foreign trade to Dhs 4 trillion and exports to Dhs 800 billion by 2031.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, stated, “The Ministry of Finance is eager to strengthen the UAE’s strategic relations worldwide as we seek to develop policies and partnerships to address the global economy challenges. The UAE’s Comprehensive Economic Partnership Agreement with the Republic of Korea is another important tool in our arsenal, encouraging further diversification, promoting economic inclusion, and attracting investments in critical national interest sectors such as renewable energy and food security. Korea’s advanced economy, which recently posted a record trade surplus, represents an important partner for the UAE, and we are eager to embrace its opportunities fully.
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