A recent summit held in Seoul between the United Arab Emirates (UAE) and South Korea marked a step forward in their bilateral relationship. During the summit, a Comprehensive Economic Partnership Agreement (Cepa) was signed, aiming to enhance supply chains and foster direct investment flows between the two nations.
The summit, which took place on May 29, 2024, was initiated by President Yoon Suk Yeol of South Korea, who welcomed UAE President Sheikh Mohamed to the capital. The leaders of both countries expressed their commitment to deepening their Special Strategic Partnership, particularly in key areas such as the economy, investment, energy, defense, and technology.
One of the highlights of the agreement is the commitment to reduce import duties, which will facilitate smoother trade between the UAE and South Korea. Additionally, the leaders discussed joint investment initiatives, including the UAE’s pledge to invest $30 billion in strategic sectors in South Korea. Currently, UAE entities are exploring investment opportunities exceeding $6 billion through the UAE-Korea Sovereign Investment Partnership.
In the energy sector, both nations underscored the importance of energy security and the stability of global energy supply chains. They commended the establishment of the Comprehensive Strategic Energy Partnership (CSEP) in January 2023, which aims to collaborate on all sources of energy, including conventional, renewable, and peaceful nuclear energy. This partnership will not only accelerate investments in energy security and decarbonization but also drive sustainability and innovation.
Furthermore, the leaders highlighted the significance of peaceful nuclear energy cooperation. They praised the progress made in the Barakah Nuclear Energy Project, which has seen the successful operation of four units at the Barakah Nuclear Energy Plant. Looking ahead, they agreed to explore further cooperation in areas such as joint entry into third countries, nuclear fuel supply chains, and Small Modular Reactors (SMRs).
Both countries reiterated their commitment to addressing climate change through the deployment of clean and renewable energy solutions. South Korea commended the UAE’s leadership in committing to net zero emissions by 2050 through its Net Zero 2050 Strategy, announced the previous year.
