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Sunday, September 24, 2023

Turkey, UAE approve $40 billion trade deal after Erdogan win


ANKARA – The United Arab Emirates and Türkiye on Wednesday approved a cooperation agreement The goal is to increase bilateral trade to $40 billion within five years.

Minister of State for Foreign Trade Thani al-Zeyoudi announced the deal on Twitter. “This agreement marks a new era in our long-standing friendship and cooperation,” al-Zeyoudi wrote, adding that the agreement would help boost bilateral non-oil trade between the two countries to more than $40 billion over the next five years.

Abu Dhabi ratified the treaty days after President Recep Tayyip Erdogan won elections.

Turkey ratified the deal in April, after Erdogan and his UAE president, Crown Prince Mohammed bin Zayed Al Nahyan, signed it in March.

UAE President Sheikh Mohamed bin Zayed was one of the first world leaders to congratulate Erdogan on his victory in Sunday’s runoff. “We look forward to working together to further strengthen the strategic partnership between our two countries,” he even tweeted before. Erdogan’s victory is officially called.

Negotiations for the deal began in 2021 as part of the crown prince’s landmark 2021 visit to Turkey. The visit marks a diplomatic thaw in bilateral relations after years of tension. Ankara has launched a mending effort to restore ties with former regional rivals including Saudi Arabia, Egypt and the United Arab Emirates in an effort to overcome its regional isolation and attract much-needed Gulf funding as it faces one of the challenges . The worst cost of living crisis ever.The two countries signed several cooperation agreements, including a $5 billion currency swap agreement Erdogan visited the UAE last year.


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