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Tuesday, May 30, 2023

Turkey, United Arab Emirates sign trade pact

ABU DHABI/ISTANBUL, March 3 (Reuters) – The United Arab Emirates and Turkey signed an agreement in Abu Dhabi on Friday that aims to link trade between the two countries over the next five years, according to Emirati forecasts. increased to $40 billion.

Speaking in Istanbul ahead of a news conference in Abu Dhabi, Turkish President Tayyip Erdogan said the Comprehensive Economic Partnership Agreement (CEPA) will bring economic and trade relations between the two countries to a new stage.

The UAE began talks with Turkey on a bilateral trade deal last year, during which it set up a $10 billion investment fund, after political ties warmed up following President Sheikh Mohamed bin Zayed’s visit to the country in 2021.

“The $10 billion fund is attracting a lot of investment from the UAE, but at the same time, CEPA will open more doors because there will be proper mechanisms to select projects and investments,” said Thani Al Zeyoudi, UAE Minister of Foreign Trade. Accepted by Reuters interview.

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“Turkey has huge growth potential. In 20 years, they will be one of the largest emerging economies dominating the global market.”

Al Zeyoudi said the deal is expected to be approved in the second quarter of 2023, with implementation shortly thereafter.

CEPA is expected to focus on strategic areas such as agtech, food security and clean energy, and continue to collaborate on construction and real estate projects.

Bilateral trade between the two countries reached US$18.9 billion last year, an increase of 40% over the previous year, and Turkey is currently the UAE’s sixth largest trading partner in non-oil trade.

Reporting by Ezgi Erkoyun in Istanbul, Huseyin Hayatsever in Ankara and Rachna Uppal in Abu Dhabi, Editing by Christina Fincher

Our standards: Thomson Reuters Trust Principles.

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