Inviting Relevant Ministries from Both Korea and the UAE for CEPA
Discussing Prospects for Bilateral Economic Cooperation and Strategies for Utilizing the CEPA
The Korea International Trade Association announced on the 20th that it co-hosted the 'Korea-UAE Economic Cooperation Seminar' with the Embassy of the United Arab Emirates (UAE) in Korea at Trade Tower in Samseong-dong, Gangnam-gu, Seoul.
Kim KiHyun, Head of International Cooperation Division at the Korea International Trade Association, is delivering a greeting speech at the 'Korea-UAE Economic Cooperation Seminar' held on the 20th at Trade Tower in Samseong-dong, Gangnam-gu, Seoul. Photo by Korea International Trade Association
The seminar was organized in anticipation of expanded economic exchanges between the two countries, following the official signing of the Comprehensive Economic Partnership Agreement (CEPA) between Korea and the UAE in May of last year. Through the seminar, Korean companies learned about the UAE business environment and strategies for utilizing the CEPA to enter the UAE market. The event was attended by Kim KiHyun, Head of International Cooperation Division at the Korea International Trade Association, Abdullah Al Nuaimi, UAE Ambassador to Korea, and about 100 businesspeople interested in entering the UAE market.
The seminar proceeded with presentations on the UAE business environment, a guide to utilizing the CEPA, and strategies for entering the UAE. Relevant government departments from both countries in charge of CEPA gave presentations. Park Heekyung, Director of FTA Negotiations at the Ministry of Trade, Industry and Energy, introduced the progress and current status of the Korea-UAE CEPA negotiations, and forecasted that economic cooperation with the UAE?a key ally in the Middle East?would expand in various areas such as energy and new industries.
From the UAE side, Sheikh Saleh Al Sharqi, Head of Economic Affairs at the UAE Embassy in Korea, introduced opportunities for Korean companies to enter promising sectors in the UAE such as advanced manufacturing, fintech, greentech, and biohealth, emphasizing the importance of discovering mutual business partnerships. Joining via video conference from the UAE, Najla Majid Al Suwaidi, International Cooperation Officer at the Ministry of Economy, and Abdullah Ali Al Dhuhouri, Senior Economic Researcher, explained the significance and potential economic effects of the CEPA from the UAE's perspective. In particular, the local presenters stressed that, in addition to manufacturing and advanced industries, opportunities for Korean companies would also expand in service sectors such as logistics and transportation, construction and engineering, education and training, and consulting.
In the subsequent presentations, Kang Geumyoon, Senior Researcher at the International Trade and Commerce Research Institute of the Korea International Trade Association, identified auto parts and cosmetics?products that will have tariffs eliminated immediately upon the CEPA taking effect?as promising export items for Korea. Choi Hana, Customs Broker at the FTA and Trade Support Center, explained the requirements for utilizing the CEPA, key concession items, and how to prepare certificates of origin. Kim Kidong, Managing Attorney at Law Firm Robex, emphasized that while the UAE is emerging as a strategic base for entering the Middle East and North Africa markets thanks to its recent relaxation of entry barriers for foreign companies, it is also important to manage legal risks, such as complying with industry-specific regulations and preparing for potential disputes.
Kim KiHyun, Head of International Cooperation Division at the Korea International Trade Association, stated, "Last year, Korea's exports to the UAE increased by 14.3% compared to the previous year, making the UAE Korea's 13th largest trading partner. With the CEPA taking effect, we expect the foundation for mutual trade and investment to expand even further," adding, "The Korea International Trade Association plans to actively serve as a bridge for business exchanges between the two countries by establishing the Korea-UAE Economic Cooperation Committee and other initiatives."
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