Saturday, May 13, 2006

Growing Trade relationship between South Korea and UAE

South Korea and the United Arab Emirates (UAE) have been maintaining a great trading relationship for quite sometime. In order to continue it South Korea is now planning to make a free trade agreement with UAE. Korea imports huge amount of crude oil, naphtha and LPG from the country. So until now UAE mainly benefited from the trade. In 2004 the amount was 9.8 billion dollar and in 2005 it increased to 12.7 billion dollar. On 12 May, 2006 the South Korean President, Roh Moo-Hyun went to UAE on a two day visit.

According to a spokes woman the main goal of this visit is to strengthen the on going commercial relationship between the two countries. President Roh is the first President from South Korea to visit the country. A business delegation is also visiting with the President. The President said that during the visit various trade agreements will be signed between the two countries.
Related Links:
Gulf Daily News
The Seoul Times