{"id":4683,"date":"2021-10-14T23:33:20","date_gmt":"2021-10-15T03:33:20","guid":{"rendered":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/?p=4683"},"modified":"2021-10-17T23:54:36","modified_gmt":"2021-10-18T03:54:36","slug":"uae-south-korea-to-launch-free-trade-talks","status":"publish","type":"post","link":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/2021\/10\/14\/uae-south-korea-to-launch-free-trade-talks\/","title":{"rendered":"UAE, South Korea to launch free trade talks"},"content":{"rendered":"\n

Link to article: https:\/\/www.reuters.com\/world\/uae-south-korea-agree-talks-trade-deal-2021-10-14\/<\/a><\/p>\n\n\n\n

The United Arab Emirates and South Korea plan to have a bilateral trade deal with the hopes to grow economically and enhance cooperation in technology and climate change. This deal is called the Comprehensive Economic Partnership Agreement (CEPA). UAE is attempting to grow economically through seeking economic agreements with eight countries including South Korea. This is a result of the UAE\u2019s economy being heavily impacted by the pandemic and the rising competition from Saudi Arabia. This deal will be South Korea\u2019s first free trade agreement with a country in the middle east. The countries hope that the free flow of goods will be good for economic growth.<\/p>\n\n\n\n

Establishing free trade agreements can be very beneficial to a country’s economy as it encourages trade between the countries. As the UAE is already South Korea’s biggest trading partner in the Middle East, I think that free trade is a good step for the countries. The UAE\u2019s economy also went down 6.1% amidst the pandemic which I believe is a result of their economy, aside from oil, being based on aviation, tourism and hospitality, which were all affected by the pandemic. This explains why the UAE is attempting to enhance their economy. This is important because both countries’ economies will improve, and there is the potential for the creation of more free trade deals in the area which will facilitate trade and help more countries recover economically from the pandemic.<\/p>\n\n\n\n

This relates to the topic of the collective goods problem because one of the issues that South Korea and the UAE are trying to enhance cooperation in is climate change in addition to having free trade between the two countries. As we know, climate change is a topic of the collective goods problem because it is something that all countries must work together to solve. To achieve this, some agreements have to be made and sacrifices have to be made for the collective good. Their approach to enhancing cooperation on climate change is through reciprocity as there is no central authority and they will have mutual benefit.<\/p>\n","protected":false},"excerpt":{"rendered":"

Link to article: https:\/\/www.reuters.com\/world\/uae-south-korea-agree-talks-trade-deal-2021-10-14\/ The United Arab Emirates and South Korea plan to have a bilateral trade deal with the hopes to grow economically and enhance cooperation in technology and climate change. This deal is called the Comprehensive Economic Partnership Agreement (CEPA). UAE is attempting to grow economically through seeking economic agreements with eight countries including South Korea. This is… Read more »<\/a><\/p>\n","protected":false},"author":206,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4683","post","type-post","status-publish","format-standard","hentry","category-analysis"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/4683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/users\/206"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/comments?post=4683"}],"version-history":[{"count":2,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/4683\/revisions"}],"predecessor-version":[{"id":4691,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/4683\/revisions\/4691"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/media?parent=4683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/categories?post=4683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/tags?post=4683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}