DUBAI (Reuters – Thursday’s agreement between the United Arab Emirates of South Korea and South Korea to begin talks about a bilateral trade arrangement that they believe will increase economic opportunities and cooperation in technology.

As part of an attempt to improve its economic standing, last month, UAE stated that it would seek out broad economic agreements for trade and investment with eight countries. These include India, Britain and Turkey as well as South Korea, South Korea. Ethiopia, Indonesia and Israel.

A Comprehensive Economic Partnership Agreement with South Korea (CEPA) is a deal that aims to promote “mutually advantageous liberalization of trade and goods, services, investment”, according to joint statements from both countries.

South Korea’s Minister For Trade Yeohan-Koo announced that “this will be our first trade agreement free of charge with a country from the Middle East,” adding that UAE is the UAE’s largest trading partner.

Thani Al Zeyoudi Minister of Foreign Trade said that he anticipated negotiations starting within the next two months, and that he hopes to conclude a deal in one year.

Zeyoudi expressed hope that half of eight CEPA Agreements would have been completed before the end 2022.

After being hit by the economic pandemic last year and facing increasing competition from Saudi Arabia, UAE is attempting to strengthen its economic ties.

Zeyoudi declared that “the UAE believes in an uncertain world and the seamless flow goods, services, and investments as the best guarantee for stable and sustained growth.”

Yeo claimed that South Korea and the UAE have intensified their energy cooperation. Yeo cited, as an illustration, the Barakah nuclear power facility in Abu Dhabi which was built by Korea Electric Power Corp. (KEPCO).