Dubai, United Arab Emirates (CNN) – UAE President Sheikh Mohammed bin Zayed and Turkish President Recep Tayyip Erdogan witnessed, during a summit they held via visual communication technology, on Friday, the signing ceremony of the “comprehensive economic partnership” agreement between the UAE and Turkey.
Sheikh Mohammed bin Zayed welcomed the signing of the agreement, which he considered “another step towards strengthening and deepening relations between the two friendly countries,” describing it as “an exceptional agreement with a dear and friendly country,” according to the Emirates News Agency (WAM).
Sheikh Mohamed bin Zayed said, “The agreement expresses the common will to launch a new phase of relations between the two countries in various fields, and it will contribute to strengthening the bonds of economic cooperation and advancing the development process in the two countries towards a bright future.”
He added that the agreement “is not only aimed at stimulating trade and investment exchange and joint economic growth, in a way that enhances the quality of life of the two friendly peoples, but also establishes a real development partnership, building common interests, and consolidating stronger and more solid strategic relations between the two countries.”
Sheikh Mohamed bin Zayed indicated that the signing of the partnership agreement “embodies the great and qualitative development that our relations witnessed during the last period, as the total non-oil trade between the UAE and Turkey reached nearly $19 billion in 2022, an increase of 40% from 2021 and 112% from 2021.” 2020 for Turkey to become the fastest growing partner among the top 10 trade partners of the UAE.
For his part, Erdogan expressed his confidence in increasing the volume of trade exchange with the UAE to $25 billion in 5 years, thanks to the Comprehensive Economic Partnership Agreement.
He said, “Thanks to the signed agreement, an economic bridge will be built with solid foundations from Europe to North Africa, and from Russia to the Gulf.” He added, “Thanks to the comprehensive nature of the agreement, I am confident that we will increase our trade volume to $25 billion in 5 years.”
Erdogan added, “Thanks to the agreement, barriers to trade in goods and services will be removed, and the activities of investors and businessmen, including small and medium-sized companies, will be facilitated,” according to the official Turkish news agency Anadolu.
And the Emirates News Agency stated that the “comprehensive economic partnership” agreement aims to “stimulate long-term, sustainable and comprehensive economic growth in both countries, as the agreement cancels or reduces customs duties on 82% of goods and products, which represent more than 93% of the components of intra-trade. It also improved access to the Turkish market for exporters from the UAE, including key sectors such as contracting, metals and their products, polymers and other manufacturing products.
