South Korea and the United Arab Emirates signed a trade agreement at a top on Wednesday to greatly cut import duties and forge closer company and financial investment ties.

The unique bond in between the two leaders serves as an opportunity to advance the nations' tactical partnership, the workplace of President Yoon Suk Yeol stated in a declaration.

The Seoul top, participated in by UAE President Sheikh Mohammed bin Zayed Al Nahyan, follows Yoon's state go to last year to Abu Dhabi and concentrated on energy and defence, as South Korea seeks to tap the financial investment capacity of the energy-rich Gulf state.

Yoon's workplace stated the UAE reaffirmed in 2015's pledge of $ 30 billion in financial investment for South Korean services, in areas from nuclear power and defence to hydrogen and solar power.

The Abu Dhabi National Oil Business signed a letter of intent for Hanwha Ocean and Samsung Heavy Industries to construct at least six LNG carriers valued at about $1.5 billion, it said.

Market ministers formally signed a Comprehensive Economic Collaboration Agreement concurred in October that will get rid of all tariffs on South Korean arms exports when it is ratified, South Korea said.

South Korea has signed a series of international defence devices contracts as part of its plans to become the world's. fourth-largest defence exporter by 2027.

The UAE will also drop import duty on vehicles over the. next years, while South Korea's tariffs on crude oil imports. will be gotten rid of.

The deal will eventually ditch tariffs on more than 90% of. the imports of both nations.

South Korea's crude oil imports from the UAE are anticipated. to increase, Seoul's Minister of Trade Cheong In-kyo informed a. press conference, underlining the nation's reliance on energy. imports.

The UAE is expected to sign a CEPA with Malaysia, Vietnam. and the Philippines in the next few months, Minister of Foreign. Trade Thani bin Ahmed Al Zeyoudi said.

On Tuesday, Sheikh Mohammed met the leaders of some of South. Korea's leading conglomerates including Jay Y. Lee of Samsung. Electronic Devices, SK Group Chairman Chey Tae-won and Kim Dong-kwan of. Hanwha Group, which has actually emerged as a significant defence contractor.

No brand-new arms deal was unveiled, but Yoon's workplace said both. goal to increase cooperation of their defence markets.