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Relations between the United Arab Emirates (UAE) and Turkey are witnessing a new phase of strategic partnership, UAE Minister of Economy Abdulla bin Touq Al Marri said on Sunday.
“The relationship between the UAE and Turkey is opening a new chapter in a comprehensive strategic partnership,” Al Marri told state news agency WAM.
The relationship between the two countries is underpinned by a “strong shared desire to advance joint work and cooperation in the service of their vision to achieve their development goals,” he said.
In March, the UAE and Turkey signed the Comprehensive Economic Partnership Agreement (CEPA), which aims to boost bilateral trade.
“Given the ambitious plans undertaken by both countries in key areas of highest priority, we look forward to a promising future filled with enormous trade, economic and investment opportunities,” Al Marri said.
CEPA aims to “stimulate long-term, sustainable and comprehensive economic growth for the mutual benefit of both countries by eliminating or reducing tariffs on 82 percent of goods and products, accounting for more than 93 percent of non-oil trade,” he added.
The minister noted that the agreement also “improves the market access of UAE exporters to Turkey, including key industries such as construction, metals and their products, polymers and other manufactured goods”.
The two countries are banking on the deal to boost non-oil bilateral trade to $40 billion a year within five years and create 25,000 new jobs by 2031.
In 2022, the non-oil trade volume between the two countries will reach about 19 billion US dollars.
In February 2022, Turkey and the UAE signed 13 cooperation agreements in many fields of mutual interest.
*Written by Ikram Kouachi
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