ANKARA: The United Arab Emirates and Turkiye struck a deal in Abu Dhabi that will expand commerce between the two nations to $40 billion over the following five years.
The Comprehensive Economic Partnership Agreement (CEPA), according to Turkiye’s President Tayyip Erdogan, will usher in a new era in economic and commercial relations between the two nations. Erdogan made this statement in Istanbul before a news conference in Abu Dhabi.
After a warming in political ties brought on by UAE President Sheikh Mohamed bin Zayed’s visit to Turkey in 2021, during which the UAE established a $10 billion investment fund, the UAE began bilateral trade discussions with Turkiye last year.
According to Thani Al Zeyoudi, UAE minister of international commerce, “the $10 billion fund is drawing a lot of investments from the UAE, but at the same time this CEPA will open additional doors since there will be adequate methods for picking projects and investments.
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Turkiye’s economic potential is enormous. In 20 years, they will be one of the largest rising economies, controlling international markets.
According to Al Zeyoudi, the agreement will likely be ratified in the second quarter of 2023, with implementation starting shortly after.
The CEPA is anticipated to concentrate on vital industries including renewable energy, food security, and agritech in addition to continuing collaboration on building and real estate projects.
