The UAE and Turkey have recently signed a Comprehensive Economic Partnership Agreement (CEPA) aimed at strengthening their economic ties and enhancing bilateral trade. This agreement, which was signed by Abu Dhabi and Ankara, is expected to create a new era of cooperation between the two countries, marking a milestone in their economic partnership.

According to the UAE ambassador to Turkey, Saeed Thani Hareb Al Dhaheri, the deal is a reflection of the mutual desire of both countries to expand cooperation and achieve broader horizons for their mutual benefit. The partnership agreement is the culmination of the long-standing constructive cooperation between the two countries, with this month marking the 50th anniversary of diplomatic relations between them.

The partnership agreement aims to stimulate trade and investment exchange, facilitate the process of trade exchange, and enhance the quality of life for the people of both countries. It is expected to establish a real development partnership, build common interests, and consolidate stronger strategic relations between the UAE and Turkey.

The UAE envoy noted that the agreement will contribute to launching a new path of joint growth and mutual opportunities. The agreement will reduce customs duties on specific products and goods by 82%, which is expected to enhance intra-non-oil trade. The ambassador further stated that the deal will provide more than 100,000 jobs in Turkey and about 25,000 in the UAE, as well as facilitate and accelerate the process of trade exchange between the two countries.

The partnership agreement will provide new qualitative advantages for the business communities and the private sector in the two countries. It builds on the growth and prosperity achieved in trade and investment exchange between the two countries and will open new markets for exporters from both countries. The deal will benefit the owners of large and small projects at the same level.

The CEPA effectively strengthens the trade and investment partnership between the UAE and Turkey, which was the fastest-growing trade partner to the UAE in 2022. The agreement is a new important step in expanding the network of commercial partners for both the UAE and Turkey. During the signing ceremony of the partnership agreement, the Turkish president said that trade volume between Turkey and the UAE will reach $25 billion in five years thanks to the new deal.

Source: AA

Edited by: Aldar Real Estate ©