Turkey and the United Arab Emirates signed a comprehensive economic partnership agreement, according to which customs duties will be abolished or canceled on 93% of non-oil trade exchanges between the two countries, bringing the value of these exchanges to $40 billion over the next five years.
Turkish President Recep Tayyip Erdogan said - in a call to UAE President Sheikh Mohammed bin Zayed - that the agreement will enhance friendship and bilateral cooperation, and thanked the UAE for its support for his country after the February 6 earthquake.
For his part, the President of the UAE said that the Comprehensive Economic Partnership Agreement with Turkey is a qualitative step in the path of relations between the two countries and that it will enhance economic and trade cooperation.
The UAE began negotiations with Turkey on this agreement last year, and it is expected to focus on strategic sectors such as agricultural technology, food security and clean energy, in addition to ongoing cooperation in construction and real estate projects.
The UAE announced the establishment of a $10 billion investment fund in Turkey that will focus on the logistics, energy, health and food sectors.
Trade volume between the two countries reached $18.9 billion last year, up 40 percent from the previous year.
Turkey is now the UAE's sixth largest trading partner in non-oil trade.