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Thursday, June 1, 2023

Turkey, UAE recently unfreeze signing of free trade deal

Turkey and the United Arab Emirates signed a Free trade agreement on Friday.

Speaking virtually to UAE President Sheikh Mohamed bin Zayed and other officials, Turkish President Recep Tayyip Erdogan called the deal “historic”.

“The agreement marks a new era in our economic and commercial relations,” Erdogan said. The countries aim to increase mutual trade to $25 billion within five years through the agreement, he added. At present, the mutual trade volume between the two countries is close to 8 billion US dollars per year, and the UAE is the tenth largest overseas market for Turkish contractors.

The agreement marks a new level of rapidly improving relations between Turkey and the United Arab Emirates after years of conflict between Turkey and the United Arab Emirates over several regional and bilateral disagreements, including Ankara’s staunch support for the Muslim Brotherhood and the conflict in Libya. deep freeze. Erdogan has accused the UAE of funding an attempted coup in 2016 and has threatened to sever ties with the Gulf state. abraham agreement.

Ankara launched a regional charm offensive in late 2021 aimed at restoring Turkey’s ties with former regional foes including Saudi Arabia, the United Arab Emirates, Israel and Egypt, and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Al) Nahyan’s landmark visit to Ankara 2021. The crown prince’s visit follows Erdogan’s return visit in early 2022, during which the two countries signed several cooperation agreements, including a $5 billion currency swap agreement. The two sides also agreed to work towards a free trade agreement during that visit.

“We are proud of the progress in Turkey-UAE relations,” Erdogan said, thanking Abu Dhabi for sending humanitarian aid and rescue teams to help with relief efforts after two deadly earthquakes that hit southeastern Turkey and northern Syria in February 6.

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