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International Relations

4/27/2022

Negotiations for a Comprehensive Economic Partnership Agreement between Turkey and UAE

Negotiations for a Comprehensive Economic Partnership Agreement between the two countries have started. The Minister of Trade, Muş: "The agreement will make it possible to launch new investments and projects in several fields including renewable energy and electrified transportation where it is essential to keep up with the global trends"...

The Turkish Minister of Trade, Mehmet Muş, and the United Arab Emirates' (UAE) Minister of Foreign Trade, Thani bin Ahmed Al Zeyoudi, held a press conference as part of the negotiations for a "Comprehensive Economic Partnership Agreement between Turkey and UAE".

Pointing out that Turkey and the UAE would have the chance to improve their commercial and economic relations more deeply and comprehensively under the Comprehensive Economic Partnership Agreement, Minister Muş said: "In addition to trading goods, many leading Turkish companies in many industries including contracting, logistics, finance, healthcare and tourism have made a lot of accomplishments in the UAE. Public enterprises and companies of the Emirates operate effectively in many industries in Turkey, the number of investments and commercial partnerships of the UAE in Turkey is multiplying. In the light of these developments, we are not only negotiating a conventional free trade agreement that exclusively involves the trade of goods but we set out to launch a new-generation agreement model that is in harmony with the global commercial dynamics of the future." 

Muş also said: "This agreement will help us achieve our objective of $15 billion once more after the last time we achieved it in 2017. It will also make it possible to launch new investments and projects in several fields including renewable energy and electrified transportation where it is essential to keep up with the global trends." 

The UAE Minister of Foreign Trade, Thani bin Ahmed Al Zeyoudi, said: "The Comprehensive Economic Partnership Agreement is intended to enhance the industry and investments as well as making best use of human resources and other resources including humanitarian and financial resources in the upcoming period... The trade volume between the two countries increased significantly in 2020 when compared to 2019 with the UAE's investments in Turkey going beyond $5 billion. I hope that the partnership between the two countries will increase even further." 

As can be remembered, memorandums of understanding were signed between the Abu Dhabi Development Holding (ADQ) and the Turkish Sovereign Wealth Fund and the Presidential Investment Office, and between the Central Banks of Turkey and the UAE as part of the agreements between the two countries. ADQ Chairman Al Suwaidi: "The United Arab Emirates allocated a $10-billion fund for investment in Turkey TEBA:2045/ November 25, 2021.

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