Abu Dhabi: On Tuesday, the Ministry of Commerce, Industry and Investment Promotion of the United Arab Emirates and the Ministry of Trade, Industry and Energy of the Republic of Korea signed a memorandum of understanding (MoU) to strengthen cooperation in the field of investment promotion.
The agreement was officially signed by Qais Mohammed Al Yousef, the Minister of Commerce, Industry and Investment Promotion, and Inkyo Cheong, the Minister of Trade, Industry and Energy of the Republic of Korea.
This MoU demonstrates a shared commitment to enhancing economic prosperity and sustainability in both countries. It also aims to reduce trade barriers, streamline customs procedures, and promote transparency. Additionally, it will establish more efficient supply chain channels.
Prior to this, the Gulf Cooperation Council (GCC) states and the Republic of Korea had initiated the first version of a free trade agreement (FTA). This FTA is designed to foster economic integration and strengthen commercial relations between the two sides.
The signing ceremony was attended by Dr. Sayyid Ahmed Hilal Al Busaidi, the Ambassador of the Sultanate of Oman to the United Arab Emirates, and Sheikh Salim Al Kathiri, the Head of Oman Commercial Office in Dubai, along with officials from both countries.
