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Abu Dhabi: The UAE and Turkey enjoy close trade and investment ties thanks to the shared will of their leadership to elevate their cooperation to the level of a wider partnership, said Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade .
Speaking to the Emirates News Agency (WAM), the minister said that the bilateral relations between the two countries have seen positive developments over the past two years, culminating in the signing of the Comprehensive Economic Partnership Agreement (CEPA) in March last year, during which President Sheikh Virtual summit between His Highness Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan.
He added that the agreement, which ushers in a new era of partnership and economic integration, stems from the strong foundation of close trade and investment relations between the two countries, as non-oil intra-trade increases by 40 percent to $18.9 billion in 2022, putting Turkey among the Among the UAE’s top 10 trading partners, accounting for more than 3% of the UAE’s non-oil foreign trade. The UAE’s total direct foreign investment in Turkey exceeds USD 5 billion, which puts the UAE among the top 15 countries investing in Turkey.
The comprehensive economic partnership agreement with Turkey is the fourth of its kind signed by the UAE as part of its plan for global economic agreements, following similar deals with India, Israel and Indonesia.
The UAE-Turkey CEPA aims to stimulate long-term, sustainable and broad-based economic growth for the mutual benefit of both countries by eliminating or reducing tariffs on 82% of goods and products, representing more than 93% 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 help increase non-oil bilateral trade to $40 billion a year within five years, while also creating 25,000 new jobs by 2031.
The long-term relationship between the two countries is based on a spirit of mutual understanding and respect, and aims to strengthen cooperation in various fields such as economy, climate, culture and youth empowerment.
By the end of 2021, the UAE’s total investment in Turkey reached approximately US$7.8 billion, covering various fields such as financial services, real estate, transportation, renewable energy, ports and logistics.
Leading UAE companies investing in Turkey include ADQ, Emirates NBD Bank, Emaar, International Holding Company (IHC), Abu Dhabi Investment Authority (ADIA) and Mubadala.
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