Ministers: UAE, Türkiye ushering in new era of strategic p’ship

March 03, 2023 / 10:15 PM

Sharjah 24 – WAM: The Ministers of economy and trade in the UAE and Türkiye said that today's signing of the UAE-Turkish Comprehensive Economic Partnership Agreement heralds a new era of strategic partnership between the two countries that will reflect positively on the Middle East region and the global trade movement in general.

This came during a press conference held at the Hilton Abu Dhabi - Yas Island on the comprehensive economic partnership agreement that was signed today in the presence of Abdullah bin Touq Al Marri, Minister of Economy, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Mehmet Muş, Turkish Minister of Trade.

The minister of economy stated that the signing of the Comprehensive Economic Partnership Agreement between the UAE and Türkiye paves the way for the establishment of a new platform for regional progress and prosperity at a critical juncture in the global economy.

“The two countries share keen desire to work together to launch a new path of joint growth and mutual opportunities,” he said, noting that the efforts made by the two sides have begun to achieve real economic integration that serves their aspirations and opportunities."

“Under the Comprehensive Economic Partnership Agreement, signed today, customs duties on more than 93% of the value of non-oil intra-trade will be canceled or reduced, enhancing chances for bilateral trade between the two countries to reach $40 billion over the next five years, up from about $19 billion currently,” he added.

For his part, Al Zeyoudi, Minister of State for Foreign Trade, affirmed that the signing of the Comprehensive Economic Partnership Agreement with Türkiye is the culmination of diplomatic relations spanning over 50 years and the continuation of the momentum of their economic cooperation and trade growth.

He added that Türkiye is the UAE’s sixth-largest trading partner in 2022, recording a growth of 40 percent compared to 2021, with UAE-Türkiye non-oil foreign trade reaching US$18.9 billion last year.

"We extend our sincere thanks and appreciation to the UAE leadership, government, and people for providing support to the Turkish people, impacted by the devastating earthquakes that hit the country recently," said Mehmet Muş, Turkish Minister of Trade.

He added that a trade and investment forum will be held with the involvement of businessmen and investors from the two countries to build on the today's agreement.