{"id":2205296,"date":"2024-05-30T08:00:02","date_gmt":"2024-05-29T23:00:02","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205296"},"modified":"2024-05-29T17:39:05","modified_gmt":"2024-05-29T08:39:05","slug":"south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/","title":{"rendered":"South Korea and UAE sign milestone trade agreement, boosting economic ties"},"content":{"rendered":"

South Korea and the United Arab Emirates (UAE) <\/span>strengthened<\/span><\/a> their future-oriented cooperation in industry, trade and energy on Wednesday. During the presidential summit meeting, the two countries signed eight agreements, letters of investment intent and memoranda of understanding across various sectors.<\/span><\/p>\n

Notable agreements include the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA), a memorandum of understanding on carbon capture and storage cooperation and a strategic agreement on joint development of clean hydrogen production and introduction. The two countries also discussed expanding their joint oil stockpiling project and signed letters of intent to construct liquefied natural gas (LNG) carriers.<\/span><\/p>\n

The South Korean government also plans to take follow-up measures to ensure the development of a future-oriented cooperative relationship with the UAE in fields such as nuclear power, carbon reduction, clean hydrogen, shipbuilding and petrochemicals, based on the achievements of Wednesday\u2019s summit.<\/span><\/p>\n

Why It Matters<\/b><\/p>\n

The Korea-UAE CEPA marks the UAE as the first Arab nation to sign such an agreement with South Korea. The agreement will lift tariffs on over 90% of goods, including cars, auto parts and defense items, over the next 10 years, boosting trade and investment. UAE President Mohamed bin Zayed Al Nahyan reaffirmed his country\u2019s commitment to invest $30 billion in South Korea, which will likely have a substantial impact on various sectors, including energy, technology and defense.\u00a0<\/span><\/p>\n

The UAE is a strategic economic partner for South Korea in the Middle East, with bilateral trade reaching almost $21 billion in 2023. South Korean companies have played a crucial role in the UAE\u2019s development projects, such as the $20 billion <\/span>Barakah nuclear facility<\/span><\/a> in Abu Dhabi. Moreover, the UAE signed a $3.5 billion <\/span>deal<\/span><\/a> to purchase the ROK\u2019s Cheongung II mid-range surface-to-air missiles in Jan. 2022.<\/span><\/p>\n

The UAE\u2019s sovereign wealth fund, Mubadala Investment Company, and other companies plan to invest over $6 billion in South Korea, expanding the investment cooperation framework. Additionally, the Abu Dhabi National Oil Company signed a letter of intent with Samsung Heavy Industries and Hanwha Ocean to build at least six LNG carriers worth $1.5 billion. These investments, along with increased cooperation in crude oil storage and hydrogen projects, will likely boost South Korean shipping firms, which have faced <\/span>intense competition<\/span><\/a> from their Chinese competitors.<\/span><\/p>\n

Business & Economy<\/span><\/a>Defense & Security<\/span><\/a>Inter-Korean & Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

South Korea and the United Arab Emirates (UAE) strengthened their future-oriented cooperation in industry, trade and energy on Wednesday. During the presidential summit meeting, the two countries signed eight agreements, letters of investment intent and memoranda of understanding across various sectors. Notable agreements include the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA), a memorandum of understanding […]<\/p>\n","protected":false},"author":10407,"featured_media":2205297,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,26,28],"class_list":["post-2205296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-defense-security","tag-inter-korean-foreign-relations"],"yoast_head":"\nSouth Korea and UAE sign milestone trade agreement, boosting economic ties - 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\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea and UAE sign milestone trade agreement, boosting economic ties - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea and the United Arab Emirates (UAE) strengthened their future-oriented cooperation in industry, trade and energy on Wednesday. During the presidential summit meeting, the two countries signed eight agreements, letters of investment intent and memoranda of understanding across various sectors. Notable agreements include the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA), a memorandum of understanding […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/\" \/>\n<meta property=\"og:site_name\" content=\"KOREA PRO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nknewsorg\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-29T23:00:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-29T08:39:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2024\/05\/eb-16.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1870\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"johnleenknews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:site\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"KOREA PRO\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/\"},\"author\":{\"name\":\"johnleenknews\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d\"},\"headline\":\"South Korea and UAE sign milestone trade agreement, boosting economic ties\",\"datePublished\":\"2024-05-29T23:00:02+00:00\",\"dateModified\":\"2024-05-29T08:39:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/\"},\"wordCount\":376,\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-16.png\",\"keywords\":[\"Business & Economy\",\"Defense & Security\",\"Inter-Korean & Foreign Relations\"],\"articleSection\":[\"Briefings\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/\",\"url\":\"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/\",\"name\":\"South Korea and UAE sign milestone trade agreement, boosting economic ties - KOREA PRO\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-16.png\",\"datePublished\":\"2024-05-29T23:00:02+00:00\",\"dateModified\":\"2024-05-29T08:39:05+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/#primaryimage\",\"url\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-16.png\",\"contentUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-16.png\",\"width\":1870,\"height\":1000},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/koreapro.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"South Korea and UAE sign milestone trade agreement, boosting economic ties\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/koreapro.org\/#website\",\"url\":\"https:\/\/koreapro.org\/\",\"name\":\"KOREA PRO\",\"description\":\"Be smart about South Korea. Up-to-date analysis on foreign relations, politics, society and economy. Made by the producers of NK PRO and NK News.\",\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/koreapro.org\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/koreapro.org\/#organization\",\"name\":\"KOREA PRO\",\"url\":\"https:\/\/koreapro.org\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png\",\"contentUrl\":\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png\",\"width\":360,\"height\":50,\"caption\":\"KOREA PRO\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/nknewsorg\/\",\"https:\/\/x.com\/southkoreapro\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"South Korea and UAE sign milestone trade agreement, boosting economic ties - KOREA PRO","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/","og_locale":"en_US","og_type":"article","og_title":"South Korea and UAE sign milestone trade agreement, boosting economic ties - KOREA PRO","og_description":"South Korea and the United Arab Emirates (UAE) strengthened their future-oriented cooperation in industry, trade and energy on Wednesday. During the presidential summit meeting, the two countries signed eight agreements, letters of investment intent and memoranda of understanding across various sectors. Notable agreements include the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA), a memorandum of understanding […]","og_url":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/","og_site_name":"KOREA PRO","article_publisher":"https:\/\/www.facebook.com\/nknewsorg\/","article_published_time":"2024-05-29T23:00:02+00:00","article_modified_time":"2024-05-29T08:39:05+00:00","og_image":[{"width":1870,"height":1000,"url":"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2024\/05\/eb-16.png","type":"image\/png"}],"author":"johnleenknews","twitter_card":"summary_large_image","twitter_creator":"@southkoreapro","twitter_site":"@southkoreapro","twitter_misc":{"Written by":"KOREA PRO","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/#article","isPartOf":{"@id":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/"},"author":{"name":"johnleenknews","@id":"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d"},"headline":"South Korea and UAE sign milestone trade agreement, boosting economic ties","datePublished":"2024-05-29T23:00:02+00:00","dateModified":"2024-05-29T08:39:05+00:00","mainEntityOfPage":{"@id":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/"},"wordCount":376,"publisher":{"@id":"https:\/\/koreapro.org\/#organization"},"image":{"@id":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/#primaryimage"},"thumbnailUrl":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-16.png","keywords":["Business & Economy","Defense & Security","Inter-Korean & Foreign Relations"],"articleSection":["Briefings"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/","url":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/","name":"South Korea and UAE sign milestone trade agreement, boosting economic ties - KOREA PRO","isPartOf":{"@id":"https:\/\/koreapro.org\/#website"},"primaryImageOfPage":{"@id":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/#primaryimage"},"image":{"@id":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/#primaryimage"},"thumbnailUrl":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-16.png","datePublished":"2024-05-29T23:00:02+00:00","dateModified":"2024-05-29T08:39:05+00:00","breadcrumb":{"@id":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/#primaryimage","url":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-16.png","contentUrl":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-16.png","width":1870,"height":1000},{"@type":"BreadcrumbList","@id":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-sign-milestone-trade-agreement-boosting-economic-ties\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/koreapro.org\/"},{"@type":"ListItem","position":2,"name":"South Korea and UAE sign milestone trade agreement, boosting economic ties"}]},{"@type":"WebSite","@id":"https:\/\/koreapro.org\/#website","url":"https:\/\/koreapro.org\/","name":"KOREA PRO","description":"Be smart about South Korea. Up-to-date analysis on foreign relations, politics, society and economy. Made by the producers of NK PRO and NK News.","publisher":{"@id":"https:\/\/koreapro.org\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/koreapro.org\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/koreapro.org\/#organization","name":"KOREA PRO","url":"https:\/\/koreapro.org\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/koreapro.org\/#\/schema\/logo\/image\/","url":"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png","contentUrl":"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png","width":360,"height":50,"caption":"KOREA PRO"},"image":{"@id":"https:\/\/koreapro.org\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/nknewsorg\/","https:\/\/x.com\/southkoreapro"]}]}},"_links":{"self":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts\/2205296"}],"collection":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/users\/10407"}],"replies":[{"embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/comments?post=2205296"}],"version-history":[{"count":1,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts\/2205296\/revisions"}],"predecessor-version":[{"id":2205298,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts\/2205296\/revisions\/2205298"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/media\/2205297"}],"wp:attachment":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/media?parent=2205296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/categories?post=2205296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/tags?post=2205296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}