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President of UAE Sheikh Mohamed Bin Zayed and President of South Korea witness the signing of the Comprehensive Economic Partnership Agreement (CEPA)


On Wednesday, South Korea and the United Arab Emirates (UAE) signed the Comprehensive Economic Partnership Agreement (CEPA) to enhance trade and economic relations.

The agreement was signed after a summit in Seoul between South Korean President Yoon Suk-yeol and UAE leader Mohamed bin Zayed Al Nahyan, who is on a two-day state visit—the first by a sitting Emirati leader.

Among 19 deals signed, one significant agreement is a memorandum of intent for South Korea to build at least six liquefied natural gas carriers worth approximately $1.5 billion, according to Seoul-based Yonhap News.

The UAE also reaffirmed its commitment to invest around $30 billion in South Korea, an agreement initially made during President Yoon's state visit to the UAE in January of the previous year—the first such visit by a South Korean president.

Both nations agreed to collaborate in various fields including investment, energy, nuclear power, defense, technology, climate change, and cultural exchanges. Additionally, Yoon and Al Nahyan decided to strengthen a joint crude oil storage project.

Diplomatic relations between South Korea and the UAE were established in 1980, with bilateral trade volume reaching $20.8 billion last year.
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