ABU DHABI, 25th September, 2016 (WAM)–The total value of trade between the UAE and South Korea reached AED122.7 billion from 2010 – 2015, of which AED115.8 billion represented UAE imports from South Korea, AED5.6 billion accounted for UAE exports, while AED1.3 billion was the value of re-exports from the UAE to South Korea.

This was disclosed during the second meeting of the UAE- South Korea Joint Customs Committee, which lasted for two days in Seoul, the South Korean capital, to discuss ways of expanding mutual cooperation and enacting the technical and administrative cooperation agreement in customs matters.

Ali Al Kaabi, Chairman of the Federal Customs Authority, headed the UAE delegation, which included Ahmed Mahboob Misbah, Director of Dubai Customs, Saud Salem Al Aqroobi, Director of the Department of International Relations at the authority, and Iman Al Suwaidi from Dubai Customs. The Korean delegation was presided over by Chun Hong-uk, Commissioner of the Korean Customs Service, along with a number of Korean customs officials.

Al Kaabi stressed the strength of economic and trade relations between the UAE and South Korea. He referred to the keenness of the two countries to strengthen relations and exchange experiences and expertise in the field of customs work to expand intra-regional trade and increase the overall volume of trade.

“The South Korean economy is one of the world’s leading economies. It has become a major player in world trade,” he said, adding that South Korea is a strategic, economic and trade partner of the UAE, “so we are keen to promote customs cooperation with Korean customs and share best practices in this field,” Al Kaabi added.

He said, further, that the joint customs committee was established following the visit of the President of South Korea to the UAE in March last year, during which the agreement on mutual technical and administrative cooperation in customs matters was signed between the two countries in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

Al Kaabi said the agreement officially entered into force at the end of 2015.