Relations between the United Arab Emirates (UAE) and Türkiye are witnessing a new phase of strategic partnership, Emirati Economy Minister Abdulla bin Touq Al Marri said Sunday.
“UAE-Turkish relations are ushering in a new chapter on the comprehensive strategic partnership,” Al Marri told the state news agency WAM.
He said ties between the two countries are boosted by a “strong mutual desire to advance joint work and cooperation to serve their vision towards developmental goals.”
In March, the UAE and Türkiye signed the Comprehensive Economic Partnership Agreement (CEPA) with the aim of boosting bilateral trade.
“We are looking forward to a promising future full of tremendous trade, economic and investment opportunities in light of ambitious plans adopted by the two countries in key sectors of top priority,” Al Marri said.
The CEPA aims to “achieve mutual benefits for both countries and stimulate long-term, sustainable, and comprehensive economic growth by eliminating or reducing customs duties on 82 percent of goods and products, representing more than 93 percent of non-oil trade,” he added.
The agreement also “improves market access to Türkiye for exporters from the UAE, including major sectors such as construction, metals and their products, polymers, and other manufactured products,” the minister noted.
The two countries pin hopes on the agreement to increase their non-oil bilateral trade to $40 billion annually within five years and creating 25,000 new jobs by 2031.
The non-oil trade volume between the two countries reached some $19 billion in 2022.
In February 2022, Türkiye and the UAE signed 13 cooperation agreements in many areas of common interest.
*Writing by Ikram KouachiAnadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.