Non-oil trade between the two countries recorded 50.4 billion dirhams in 2021
A meeting in Istanbul discusses arrangements for finalizing the economic partnership agreement between the UAE and Turkey
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Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, discussed with Turkish Minister of Trade, Mehmet Muş, during a round table meeting held in Istanbul, ways to develop trade and investment partnerships between the business communities in the UAE and Turkey. The two sides also discussed arrangements for finalizing the comprehensive economic partnership agreement To be signed soon between the two countries, at a time when the volume of non-oil trade between the UAE and Turkey recorded about 50.4 billion dirhams during the year 2021, achieving a growth of 54% compared to the year 2020.
Historic station
Al-Zeyoudi said: "We look forward to maximizing the benefit of this historical stage in the process of cooperation relations between the two countries, and stimulating them towards more momentum levels in a number of strategic sectors during the coming period. We have recently announced the launch of official talks to reach a comprehensive economic partnership agreement with Turkey within the framework of The Global Economic Agreements Program is part of the (50 projects) for the UAE.
He continued, "We continue to work today with our partners in the Turkish government, and with the private sector in Turkey, to finalize the arrangements for this agreement and formally sign it, which will pave the way for a new shift in the two countries' relations in the fields of trade, investment, talent exchange, and knowledge sharing."
the trade exchange
Al Zeyoudi added: “The volume of non-oil trade between the UAE and Turkey amounted to about 50.4 billion dirhams during 2021, achieving a growth of 54% compared to the year 2020, and an increase of 86% compared to 2019, while Ankara accounts for more than 3% of the volume of trade. The non-oil foreign trade of the UAE.
He revealed that the volume of Emirati investments in Turkey amounted to more than 18.3 billion dirhams at the end of 2020, while the value of Turkish investments in the UAE amounted to 1.1 billion dirhams at the end of 2019.
Emirati model
Al Zeyoudi reviewed the components of the new economic model of the UAE based on flexibility, proactiveness and openness to world markets, and highlighted a number of "50 projects" and the updates made by the state to its economic legislative system, calling on the business community and companies in Turkey to benefit from the momentum of existing economic cooperation, and to explore Promising growth opportunities in the UAE market, which is rich in advantages and incentives that will ensure the growth and prosperity of its business, and benefit from the UAE’s strategic location, as an active logistic gateway that will allow Turkish products to enter the markets of the region, Asia and Africa, as well as the technologically advanced infrastructure, enabling it to build regional and global networks for its brands , in order to ensure that it achieve more profits, growth and development.
priority sectors
The two sides discussed new steps to motivate businessmen and companies to increase and diversify trade, develop the flow of mutual investments and establish projects, and encourage the exchange of knowledge and talents in a number of sectors that represent a priority for both sides during the next phase, foremost of which are: renewable energy, the financial and banking sector, entrepreneurship and projects. Small and medium, advanced technology and innovative industries, logistical support, including activities of transport, shipping, civil aviation, agriculture and food security, health care, and tourism.
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