Türkiye, UAE ink economic partnership deal to increase trade volume by $25bn

By U?ur Duyan

Product groups such as jewelry, ready-made clothing, home appliances, and furniture, in which Turkiye is strong at the United Arab Emirates market, are included in the scope of commercial concession. With the economic partnership signed, it is aimed to increase the trade volume between the two countries by 2.5 times in 5 years to 25 billion dollars.

The comprehensive economic partnership agreement signed between Turkiye and the United Arab Emirates (UAE) is aimed at increasing the trade volume between the two countries by 2.5 times in 5 years to $25bn. Answering questions from parliamentarians, officials provided information on the Comprehensive Economic Partnership Agreement between Turkiye and the United Arab Emirates.

Deputy Foreign Minister Burak Akcapar pointed out that the relations between the United Arab Emirates and Turkiye have improved in all areas recently, and the UAE provided $64m in cash aid to the region after the Kahramanmara? earthquakes, in addition to $330m at the Donors Conference in Brussels. Emphasizing that the bilateral trade volume with the UAE approached $10bn dollars in 2022, Akcapar said that the real potential is much higher than this figure, adding that “with the agreement, the trade volume is aimed to increase by 2.5 times within 5 years and reach 25 billion dollars.”

Husnu Dilemre, Director General of International Agreements and European Union, stated that with the entry into force of the agreement, over 80 percent of the goods trade between the two countries will be included in the preferential trade scope. Dilemre also drew attention to the fact that with the agreement, both Turkish and United Arab Emirates business people will be able to offer their goods to both Turkiye and the United Arab Emirates markets under more advantageous conditions compared to the third countries.