Martial Arts and UAE Federal Chamber of Commerce Sign MOU for Bilateral Economic and Trade Cooperation

[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association announced on the 28th that it signed a Memorandum of Understanding (MOU) for economic and trade cooperation between the two countries with the United Arab Emirates (UAE) Federation of Chambers of Commerce and Industry at COEX in Samseong-dong.

At the signing ceremony held via non-face-to-face video conference, Han Jin-hyun, Vice Chairman of the Trade Association, and Humaid bin Salem, Secretary General of the UAE Federation of Chambers of Commerce and Industry, signed the MOU on behalf of their respective organizations.

Han Jin-hyun, Vice Chairman of the Trade Association, said, "Korea is the only Middle Eastern country that has established a special strategic partnership with the UAE since 2018, and this year marks the 40th anniversary of diplomatic relations between the two countries, making it a meaningful year. Recently, amid unprecedented difficulties faced by companies in both countries due to the novel coronavirus disease (COVID-19), the two countries have been striving to normalize business by introducing a fast-track system for businesspeople in August. The association will also take the lead in revitalizing private exchanges through this MOU."

The UAE Federation of Chambers of Commerce and Industry is a representative economic organization encompassing the chambers of commerce of the seven emirates including Abu Dhabi and Dubai. The two organizations agreed to cooperate on joint business events such as international forums, policy seminars, and business consultations, as well as government recommendations to resolve difficulties faced by local companies, exchange of trade and investment information between the two countries, and arbitration of corporate disputes.

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