The ratification bill for the country's comprehensive economic partnership agreement with the United Arab Emirates on March 31 was passed at the plenary session of the National Assembly. Shown is the third phase of the March extraordinary session that day at the legislature. (Yonhap News)

By Lee Dasom

The Ministry of Trade, Industry and Energy on March 31 announced the National Assembly's ratification of a comprehensive economic partnership agreement (CEPA) with the United Arab Emirates (UAE) at a plenary session.

Negotiations on the accord were concluded in October 2023 after two rounds of talks that began in October 2021. Both sides officially signed the CEPA in May 2024.

The ratification bill was submitted to the legislature in December last year and later transferred for deliberation by the National Assembly's Foreign Affairs and Unification Committee. Passage in the plenary session completed domestic procedures for the agreement to take effect.

As Korea's first free trade agreement with a Middle Eastern country, the CEPA will phase out tariffs over a period of up to 10 years on 91.2% of items in all sectors including Korean food, cosmetics and beauty, and defense in addition to the leading export cars.

The UAE is Korea's third-largest supplier of crude oil. Import levies on such fuel from the Arab country will be eliminated over the next decade.

"We plan to consult with the UAE for prompt effectuation of the agreement," the ministry said. "We expect that institutionalization of collaboration in key sectors like energy, resources and high-tech industries will accelerate future-oriented economic cooperation between our two sides."

dlektha0319@korea.kr