Trade and investment ties between the Gulf state and South Korea have been steadily advancing; in the first half of 2023, bilateral non-oil trade reached $3 billion, similar to the same period last year, but up 21% over 2021, a statement said.
South Korea was one of the first countries with which the Gulf state launched talks for a CEPA in 2021.
Three months later however, the Asian state revived dormant Free Trade Agreement (FTA) talks with the six-member Gulf Cooperation Council bloc, of which the UAE is a member.
"We resumed talks with Korea earlier this year as we were both keen to conclude a deal and advance our respective economic agendas," Thani Al Zeyoudi, UAE minister of foreign trade, told Reuters, adding the GCC FTA talks remained ongoing.
It has said it does not mix politics with trade, when asked whether the Israel-Gaza conflict would have an impact on the Gulf state's trade deal with Israel.
Persons:
Yeo Han, koo, Zeyoudi, Rachna Uppal, Sharon Singleton
Organizations:
South Korean Trade, United Arab Emirates Minister, State for Foreign Trade, United Arab, . Trade, Korea Electric Power Corporation, Gulf Cooperation Council, Reuters, Israel, Thomson
Locations:
State for Foreign Trade Thani, Dubai, United Arab Emirates, DUBAI, South Korea, Gulf, Abu Dhabi, Korea, UAE, Thani, Zeyoudi, Israel, Turkey, India, Indonesia, Gaza