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UAE, South Korea trade volume hits 33 bln USD over past 6 years

Xinhua, September 26, 2016 Adjust font size:

The total value of trade between the United Arab Emirates (UAE) and South Korea reached 33.43 billion U.S. dollars from 2010 to 2015, the Emirati state news agency WAM reported on Sunday.

Chairman of the UAE Federal Customs Authority in Abu Dhabi, Ali Al-Kaabi, made the statement after he returned from a two-day meeting of the UAE-South Korea Joint Customs Committee in Seoul.

He said South Korea is a strategic economic trade partner of the UAE, "so we are keen to promote customs cooperation with South Korea and share best practices in this field."

The Korean delegation was presided over by the Commissioner of the Korean Customs Service, Chun Hong-uk, along with a number of Korean customs officials.

The UAE has the largest man-made container port worldwide, the Jebel Ali Free Port in Dubai, which is used for the state's re-export business.

However, the WAM report did not disclose trade figures before 2010.

Al-Kaabi stressed the UAE and South Korea's strong economic and trade relations, saying that there is a "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 President Park Geun-hye visited the UAE in March last year, after which the joint customs committee was established. Endit