UAE, South Korea to launch free trade talks

By Alexander Cornwell

DUBAI, Oct 14 (Reuters) - The United Arab Emirates and South Korea on Thursday agreed to start negotiations on a bilateral trade deal targeting a broad expansion of economic ties.

The UAE last month announced it would seek economic agreements with South Korea and seven other countries including India, Britain and Turkey.

The Comprehensive Economic Partnership Agreement (CEPA) between the UAE and South Korea will include deals to reduce greenhouse gas emissions and develop green technology, South Korean Trade Minister Yeo Han-Koo said.

"We are aiming to make our CEPA a new-generation free trade agreement," he told a news conference in Dubai.

UAE Minister of State for Foreign Trade Thani Al Zeyoudi, speaking alongside Yeo, said negotiations would start within two months and that a deal could be reached within a year.

Zeyoudi said he hoped half of the eight CEPA agreements would be completed by the end of 2022.

The UAE's economy contracted last year when it was hit hard by the coronavirus pandemic, and it faces increasing economic competition from Saudi Arabia.

Zeyoudi told Reuters the "ultimate goal" for the UAE would be to lift all tariffs and quotas on goods and services. He also said the UAE planned to start CEPA talks with Japan, Chile, Georgia and Ukraine.

"We have many countries who are interested."
Reporting by Alexander Cornwell Editing by Raissa Kasolowsky and John Stonestreet

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.