Government Holds Public Hearing to Promote 'Korea-UAE Comprehensive Economic Partnership Agreement'

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Trade, Industry and Energy held a public hearing on June 2 at the Trade Tower in Gangnam-gu, Seoul, regarding the promotion of the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE).

This public hearing was organized to gather opinions from stakeholders and experts prior to establishing the Korea-UAE CEPA promotion plan. The hearing proceeded with presentations on the progress of the Korea-UAE CEPA promotion and the economic effects of the Korea-UAE CEPA, followed by a comprehensive discussion among related experts and a Q&A session.

Before formally pursuing a trade agreement with the UAE, the government has been conducting research to review the economic feasibility. On May 14, a joint declaration was announced in Dubai, UAE, where Yeohangu, Director-General for Trade Negotiations, and the UAE Minister of State for Foreign Trade agreed to promote the CEPA.

An official from the Ministry of Trade, Industry and Energy stated, "The UAE is a key ally country with which our nation has established a 'special strategic partnership relationship.'" He added, "The UAE has an excellent business environment and a high income level, indicating a high potential for expanded cooperation in the future." He further said, "We expect that the promotion of the Korea-UAE CEPA will further expand trade between the two countries."

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