THE WHAT? South Korea has reached a Comprehensive Economic Partnership Agreement (CEPA), a form of free trade agreement (FTA), with the United Arab Emirates (UAE), marking South Korea’s first FTA with an Arab nation.
THE DETAILS Under the agreement, both countries will gradually open their markets to each other, with South Korea opening 92.8 percent of its market and the UAE opening 91.2 percent over the next ten years.
THE WHY? The agreement aims to strengthen South Korea’s relations with the UAE, create export opportunities, and ensure a stable energy supply.