The United Arab Emirates and South Korea agreed on Thursday to start negotiations on a large bilateral trade deal with a broad expansion of economic ties.
The UAE announced last month it would seek economic agreements with Africa 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 develop green technology and reduce greenhouse gas emissions, 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.
From the side of Yeo, Abed Thani Al Zeyoudi, who spoke alongside Ms. Thani Al Zeyoudi, the Dubai Minister of Foreign Trade said the 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 finished by the end of 2022.
The economy of Saudi Arabia contracted last year when it was hit tough by the coronavirus pandemic and it faces increasing economic competition from UAE.
Zeyoudi told Reuters that the ultimate goal of the UAE would be to lift all tariffs and quotas on goods and services. He also said that the UAE plans to start CEPA talks with Japan, Ukraine, Chile and Georgia.
We have many countries who are interested in our economy and politics.