The total non-oil trade exchange between the UAE and Turkey during the period 2013-2022 amounted to more than 378 billion dirhams (equivalent to 103 billion dollars), distributed between 204.3 billion dirhams (55.6 billion dollars) the value of imports, and about 127.5 billion dirhams (about 35 billion dollars) the value of exports, and more than 46 billion dirhams the value of re-exports, according to data from the Federal Center for Competitiveness and Statistics.
A report by the center showed that raw gold topped the list of the 5 most important commodities imported by the UAE from Turkey during the year 2022, recording a value of 15.6 billion dirhams, and ornaments and jewelry came in second place on the list of the 5 most important imported commodities for the year 2022, with a value of 9.4 billion dirhams.
Raw gold also topped the list of the top 5 commodities exported from the UAE to Turkey during 2022, with a value of 17.7 billion dirhams. Jewelry and jewelry came at the top of the list of the top 5 commodities that were re-exported, with a value of 2.5 billion dirhams, followed by raw gold, with a value of 1.8 billion dirhams.
Last March, the UAE and Turkey signed the Comprehensive Economic Partnership Agreement, which was designed in a way that achieves mutual benefit for both parties and works to stimulate long-term, sustainable and comprehensive economic growth in both countries, as the agreement cancels or reduces customs duties on 82 percent of goods and products, which represent more than 93 percent. It is a component of non-oil intra-trade, and 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.
It is expected that the comprehensive economic partnership agreement between the UAE and Turkey will contribute effectively to increasing non-oil intra-trade, creating 25,000 new job opportunities by 2031, and increasing UAE exports to Turkey by 21.7 percent.
The UAE-Turkish relations witnessed tangible positive developments during the past two years, supported by official visits exchanged between the leaderships of the two countries. In November 2021, the UAE announced the establishment of a $10 billion investment fund in Turkey that focuses on the logistics, energy, health and food sectors.
In February of last year, the UAE also signed 13 cooperation agreements in many areas of common interest.
2023-06-11 10:05:34
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