UAE, South Korea Look to Buck Protectionist Wave With Trade Deal - Bloomberg
The United Arab Emirates reached an agreement with South Korea to bolster bilateral commerce, adding Asia’s fourth-largest economy to a growing roster of nations to close trade deals with the wealthy Gulf state.
Signed during UAE President Sheikh Mohammed bin Zayed’s visit to South Korea this week, the pact — known as a Comprehensive Economic Partnership Agreement — is part of the Arab country’s effort to grow its non-oil foreign trade to over $1 trillion by the end of the decade
It’s already inked similar agreements with India, Indonesia, Turkey and Ukraine, among others. The latest deal will aim to alleviate or remove tariffs on such products as energy and health care, according to a statement published on Wednesday.
The accord stands out amid a rising tide of protectionism and tensions among the world’s biggest economies. The Biden administration announced this month it’s reimposing tariffs on hundreds of goods imported from China and has moved to quadruple US duties on Chinese electric vehicles.
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