South Korea-UAE Deepen Ties With MC13 And CEPA

The World Trade Organisation’s (WTO) ongoing 13th Ministerial Conference (MC13) in Abu Dhabi is seen as an opportunity for South Korea to strengthen ties with the UAE, says Cheong Inkyo, South Korean Minister of Trade.

MC13 is viewed as a chance to enhance future-oriented cooperation between Korea and the UAE, focusing on the ‘Strategic Advanced Industrial Technology Partnership’ and collaboration in advanced industries like mobility, aerospace, and digital transformation.

The Comprehensive Economic Partnership Agreement (CEPA) between Korea and the UAE, concluded in October, is anticipated to deepen bilateral trade and investment, with hopes for swift implementation.

South Korea, as the coordinator of Joint Statement Initiatives (JSIs) at MC13, aims to collaborate with member countries to achieve concrete outcomes, particularly on investment facilitation for development.

WTO reform, including a fully functioning dispute settlement system and negotiations related to fishing, is considered crucial by Minister Inkyo. Korea supports extending the moratorium on e-commerce for a predictable digital business environment.

Trade and industrial policy deliberations at MC13 are highlighted as essential to prevent protectionist policies and subsidy races from distorting global trade and investment.

Minister Inkyo emphasises the importance of leveraging trade to accelerate the green transformation, addressing climate change challenges while ensuring environmental measures do not become trade barriers.

Despite challenges, he expresses optimism that MC13 will deliver substantial results for the international community, according to WAM.

(The article is published under a mutual content partnership arrangement between The Free Press Journal and Finance World)