{"id":2202505,"date":"2023-10-18T08:00:40","date_gmt":"2023-10-17T23:00:40","guid":{"rendered":"https:\/\/koreapro.org\/?p=2202505"},"modified":"2023-10-17T16:02:09","modified_gmt":"2023-10-17T07:02:09","slug":"south-koreas-first-mideast-fta-with-uae-vital-to-diversify-its-economy","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/10\/south-koreas-first-mideast-fta-with-uae-vital-to-diversify-its-economy\/","title":{"rendered":"South Korea\u2019s first Mideast FTA with UAE vital to diversify its economy"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea and the United Arab Emirates (UAE) <\/span><a href=\"https:\/\/www.motie.go.kr\/motie\/ne\/presse\/press2\/bbs\/bbsView.do?bbs_seq_n=167933&amp;bbs_cd_n=81&amp;currentPage=1&amp;search_key_n=&amp;cate_n=1&amp;dept_v=&amp;search_val_v=\"><span style=\"font-weight: 400;\">finalized negotiations<\/span><\/a><span style=\"font-weight: 400;\"> on a bilateral Free Trade Agreement (FTA) on Oct. 14, marking South Korea\u2019s 24th FTA and its first with a Middle Eastern country. The Comprehensive Economic Partnership Agreement (<\/span><a href=\"https:\/\/english.motie.go.kr\/en\/pc\/pressreleases\/bbs\/bbsView.do?bbs_seq_n=1450&amp;bbs_cd_n=2&amp;currentPage=1&amp;search_key_n=&amp;search_val_v=&amp;cate_n=\"><span style=\"font-weight: 400;\">CEPA<\/span><\/a><span style=\"font-weight: 400;\">), signed by South Korea\u2019s trade minister Ahn Duk-geun and the UAE\u2019s foreign trade minister Thani bin Ahmed Al Zeyoudi, aims to enhance economic relations and bilateral trade. The agreement will see the removal of tariffs on 92.8% of all traded items by South Korea and 91.2% by the UAE within a decade. This move is expected to benefit South Korean exports of eco-friendly vehicles, <\/span><a href=\"https:\/\/koreapro.org\/2023\/02\/rok-defense-minister-to-visit-uae-and-poland-for-talks\/\"><span style=\"font-weight: 400;\">weaponry<\/span><\/a><span style=\"font-weight: 400;\">, electronics and fresh food items. Additionally, the UAE\u2019s decision to eliminate a 3% tariff on crude oil over the next 10 years is anticipated to strengthen South Korean refiners\u2019 price competitiveness and ensure stable supplies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CEPA, set to be officially signed in the first half of the following year, extends beyond trade in goods, as the UAE has committed to opening its online gaming, medical service and other industries to South Korean interests, potentially boosting the presence of <\/span><a href=\"https:\/\/koreapro.org\/2022\/07\/south-korea-pivots-to-the-middle-east-selling-both-weapons-and-k-pop-cool\/\"><span style=\"font-weight: 400;\">South Korean content in the Middle East<\/span><\/a><span style=\"font-weight: 400;\">. This development is significant, given the robust two-way trade between the nations, which stood at approximately $19.5 billion in 2022, with the UAE ranking as South Korea\u2019s 16th major trading partner.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">CEPA represents a significant development in South Korea\u2019s international trade strategy. This agreement, the first of its kind with a Middle Eastern country, signals South Korea\u2019s move to diversify its economic partnerships beyond traditional allies and established markets. This move is important, given South Korea\u2019s export-driven economy, where certain sectors such as automotive and electronics are integral to its economic health.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, CEPA stands out for its broad scope, encompassing elements not always covered in standard FTAs, such as digital trade, intellectual property rights and various service sectors. The inclusion of provisions for cross-border data flows and intellectual property safeguards is particularly relevant for South Korea, acknowledging its status as a digitally advanced economy with a global footprint in the <\/span><a href=\"https:\/\/koreapro.org\/2023\/05\/netflix-and-korea-a-complex-tale-of-investment-success-and-controversy\/\"><span style=\"font-weight: 400;\">entertainment<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/koreapro.org\/2023\/10\/tech-secrets-at-stake-seoul-court-backs-samsung-in-non-compete-case\/\"><span style=\"font-weight: 400;\">technology<\/span><\/a><span style=\"font-weight: 400;\"> sectors. Additionally, by addressing cooperation in fields like renewable energy and advanced healthcare, the agreement aligns with South Korea\u2019s long-term economic vision of <\/span><a href=\"https:\/\/koreapro.org\/2023\/08\/south-koreas-green-energy-dilemma-balancing-economic-and-sustainability-aims\/\"><span style=\"font-weight: 400;\">sustainable and technology-driven growth<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/defense-security\/\"><span class=\"tag\">Defense &amp; Security<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/technology-cyber\/\"><span class=\"tag\">Technology &amp; Cyber<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea and the United Arab Emirates (UAE) finalized negotiations on a bilateral Free Trade Agreement (FTA) on Oct. 14, marking South Korea\u2019s 24th FTA and its first with a Middle Eastern country. The Comprehensive Economic Partnership Agreement (CEPA), signed by South Korea\u2019s trade minister Ahn Duk-geun and the UAE\u2019s foreign trade minister Thani bin [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2202506,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,26,28,29],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea\u2019s first Mideast FTA with UAE vital to diversify its economy - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/10\/south-koreas-first-mideast-fta-with-uae-vital-to-diversify-its-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s first Mideast FTA with UAE vital to diversify its economy - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea and the United Arab Emirates (UAE) finalized negotiations on a bilateral Free Trade Agreement (FTA) on Oct. 14, marking South Korea\u2019s 24th FTA and its first with a Middle Eastern country. 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