Emirates News Agency – UAE-Turkey partnership reaches new heights: Al Marri

ABU DHABI, 11th June, 2023 (WAM) — Abdullah bin Touk Al Maari, UAE Minister of Economy, has confirmed that UAE President Sheikh Mohamed bin Zayed Al Nahyan His Highness’ working visit to the Republic of Turkey will take the UAE-Turkey strategic partnership to new heights.
“The relationship between the two countries is opening a new chapter of comprehensive strategic partnership, driven by a strong shared desire to advance joint work and cooperation in the service of their vision to achieve their development goals,” Al Marri told the Emirates News Agency (WAM) On the occasion of the President’s visit to Turkey.
”With the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Turkey, we look forward to a promising future filled with enormous trade, economic and investment opportunities as the two countries undertake ambitious plans in key areas in trade, Investment, industry, tourism, transport, energy, food, technology and others are top priorities,” he added.
In March, the two countries signed CEPA, ushering in a new era of bilateral cooperation that will stimulate trade, increase investment flows, and create mutual opportunities in priority areas.
Total non-oil trade between the UAE and Turkey will reach $19 billion in 2022, a 40% increase from 2021 and a 112% increase from 2020.
The CEPA signed between the UAE and Turkey as part of its program of global economic agreements is the fourth, following similar agreements with India, Israel and Indonesia. This goal is designed to achieve mutual benefit for both countries and stimulate long-term, sustainable, and broad-based economic growth by eliminating or reducing tariffs on 82 percent of goods and products, representing more than 93 percent of non-oil trade. In addition, the agreement improves market access to Turkey for UAE exporters, including key industries such as construction, metals and their products, polymers and other manufactured goods.
The agreement is expected to increase non-oil bilateral trade to $40 billion a year within five years, while also creating 25,000 new jobs by 2031. Additionally, the agreement is expected to increase UAE exports to Turkey by 21.7%.
Non-oil exports to Turkey will reach US$5.6 billion in 2022, a 109% increase from 2021, while the value of UAE re-exports to the rest of the world will increase by 87% to US$2.3 billion by 2022.
The longstanding relationship between the two countries is built on a spirit of mutual understanding and respect. They aim to strengthen cooperation in various fields, including the economic, climate, cultural and youth empowerment sectors.