Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.

UAE & South Korea agree to reduce import duties and bolster relations

Posted on June 3, 2024 |

South Korea and the UAE have finalized a trade agreement to cut import duties and enhance business and investment relations significantly.

The UAE confirmed its commitment to a $30 billion investment in South Korean businesses, targeting sectors such as nuclear power, defense, hydrogen, and solar energy.

The Abu Dhabi National Oil Company agreed with Hanwha Ocean and Samsung Heavy Industries to build at least six LNG carriers, with an estimated value of $1.5 billion.

Industry ministers signed a Comprehensive Economic Partnership Agreement that will eliminate all tariffs on South Korean arms exports upon ratification.

South Korea is securing global defense equipment contracts as part of its strategy to become the fourth-largest defense exporter in the world by 2027.

The UAE will phase out import duties on automobiles over the next ten years, while South Korea will remove tariffs on crude oil imports.

The trade agreement aims to eventually eliminate tariffs on over 90% of imports between South Korea and the UAE.

Previous Next