A delegation from the UAE’s Accountability Authority (UAEAA) has wrapped up an official visit to South Korea, during which they focused on boosting collaboration in public oversight, auditing, and anti-corruption efforts.
During this visit, Humaid Obaid Abushibs, chairman of the UAEAA, signed a Memorandum of Understanding (MoU) with Choe Jaehyoeng, chairman of the Board of Audit and Inspection of the Republic of Korea (BAI). This agreement represents a significant advancement in reinforcing institutional ties between the two entities.
Discussions with key officials
Abushibs also engaged in discussions with several high-ranking officials in South Korea, including Ryu Chul Whan, Chairperson of the Anti-Corruption and Civil Rights Commission. These meetings aimed to explore future collaboration opportunities and share expertise in relevant areas.
Read more: Investopia 2024 strengthens UAE-South Korea economic partnership across sectors
Comprehensive economic partnership agreement
In May 2024, the UAE and South Korea announced a comprehensive economic partnership agreement (CEPA), designed to facilitate free trade and encourage bilateral investment in key sectors. This agreement is the latest initiative in the UAE’s CEPA foreign trade program, which aspires to boost non-oil foreign trade to over AED 4 trillion by 2031. The program aims to lower or eliminate tariffs, improve market access for exporters, and dismantle trade obstacles. Furthermore, it seeks to establish platforms for collaboration among private sectors across different nations. The CEPA was agreed upon by the UAE and South Korea in October 2023, prior to the formal signing of the agreement. This arrangement will benefit businesses and investors from both countries by removing tariffs and trade barriers in critical sectors, including energy and resources, healthcare, advanced industries, smart farming, and the bio-economy.
For more economy news, click here.
