Economic partnership agreement sign between South Korea and UAE

By Alimat Aliyeva

The Comprehensive Economic Partnership Agreement was signed between South Korea and the United Arab Emirates (UAE), Azernews reports.

South Korean President Yun Seok-yel and UAE President Sheikh Mohammed bin Zayed Al Nahyan met in Seoul. During the meeting, they signed an agreement on strengthening bilateral economic partnership in areas such as trade liberalization and investment expansion.

The UAE's sovereign Wealth Fund also reaffirmed its previous commitment to invest $30 billion in South Korea. Both sides signed an agreement and a Memorandum of Understanding on climate change, energy, infrastructure, nuclear energy, intellectual property, defense and technology.

Sheikh Mohammed bin Zayed Al Nahyan arrived in South Korea for two days and became the first UAE president to make a state visit.

It should be noted that the UAE is the first Arab country to sign a free trade agreement with the Republic of Korea.