Trade and investment relations between the Gulf state and South Korea are progressing steadily.
The volume of non-oil bilateral trade between the two countries in the first half of 2023 reached three billion dollars, similar to the same period last year, but it increased by 21 percent compared to 2021.
Korea Electric Power Corporation and a consortium of Korean companies also built all four units of the $20 billion Barakah Nuclear Power Plant in Abu Dhabi, which became operational in April this year to help support the UAE’s domestic electricity needs.
South Korea was one of the first countries with which the Gulf state launched talks on a comprehensive economic partnership agreement in 2021.
But three months later, the Asian country resumed dormant free trade agreement talks with the six-member Gulf Cooperation Council, including the UAE.
Thani Al Zeyoudi, UAE Minister of Foreign Trade, told Reuters that the resumption of talks with South Korea earlier this year came out of a desire to conclude an agreement and enhance the economic agenda of both sides, adding that the Gulf Cooperation Council Free Trade Agreement talks are still continuing.
So far, the UAE has signed several comprehensive economic partnership agreements with Asian countries such as India and Indonesia, in addition to Turkey and Israel.
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