The UAE & Turkey relations are experiencing a strong boost towards new paths of sustainable economic growth.
A Comprehensive Economic Partnership Agreement between the UAE and Turkey was signed.
This agreement provides many commercial and investment opportunities that benefit the peoples of the two friendly countries.
Mentioning that the UAE and Turkey enjoy close trade and investment relations.
Due to the shared desire of both countries’ leaders to elevate these relations to a broader level of partnership and joint growth.
By March – 2022, the UAE and Turkey signed the Comprehensive Economic Partnership Agreement.
The agreement signed during a presidential summit via video conference, held by “H H Sheikh Mohammed bin Zayed“, may God protect him, and the President of Turkey “Recep Tayyip Erdoğan”.
Also, this agreement has been officially ratified by the governments of the two countries in preparation for its activation and entry into force.
The agreement launched a new era of partnership and economic integration.
Based on a solid foundation of close trade and investment relations.
Since non-oil trade between the two countries increased by 40% to reach $18.9 billion in 2022.
Which made Turkey one of the top 10 trading partners of the UAE.
With a share of more than 3% of the state’s non-oil foreign trade.
Read about Non-Oil trade: Growing Non-Oil Trade between the UAE and Japan
The total value of UAE investments in Turkey reached about $7.8 billion at the end of 2021 in various sectors.
Including financial services, real estate, transportation, renewable energy, ports, and logistics services.
As soon as the Comprehensive Economic Partnership Agreement enters into force, customs duties will be eliminated or reduced on 82% of products and goods.
And that represents more than 93% of the value of non-oil bilateral trade.
In addition to removing unnecessary barriers on trade and creating new paths for bilateral foreign direct investment flows.
As well as enhancing the access of local exporters to markets.
Including major sectors such as construction, metal products, polymers, and other industrial products.
The agreement aims to increase non-oil trade from its current value of $18.9 billion to more than $40 billion within 5 years.
As well as increasing the UAE exports to Turkey by 21.7%, and increasing investment flows in key sectors such as logistics, e-commerce, food security, and renewable energy.
The two countries play a pivotal role in facilitating the flow of international trade as they are two of the most important vital economies.
Furthermore, this will boost regional progress and prosperity in light of the development of joint economic relations.
The joint economic relations witnessed the establishment of billions of dollars of investment funds and cooperation in key important sectors.
Including advanced technology and logistics services.
Additionally, the partnership to support the development of emerging e-commerce.
The Comprehensive Economic Partnership Agreement between the UAE and Turkey opens up new paths for both countries’ goods and services exporters.
Also it launches a platform for cooperation and partnership between small and medium-sized enterprises and entrepreneurs.
Which puts the region at the heart of international trade movement and on the map of the new centers of global growth.
It is worth noting that some of the leading UAE companies investing in Turkey are the below:
-ADQ.
-Emirates NBD Bank.
-Emaar Properties.
-Global Holding.
-Abu Dhabi Investment Authority.
-Mubadala.
Read more:
Top UAE’s investment companies on Forbes list
New cooperation between The UAE and Turkey.
The UAE and India are committed to promoting peace and stability.
