Emirates News Agency – UAE – Turkey discusses comprehensive Economic Partnership Agreement and sets a timetable for its completion by 2022

– During a round table meeting in the framework of the visit of an official and commercial delegation from the state to Istanbul – Al Zeyoudi: UAE-Turkish relations are witnessing a rapid and growing development and we look forward to stimulating mutual investment in the coming period to serve the objectives of the two countries.

– 50.4 billion dirhams, the volume of non-oil trade between the UAE and Turkey in 2021 and more than 18.3 billion dirhams, the volume of Emirati investments in Turkey in 2020.

New steps to stimulate trade and investment in the areas of renewable energy, financial services, entrepreneurship, advanced technology, innovation, agriculture, food security, logistical support and tourism.

– To invite Turkish companies to take advantage of the qualitative leaps in cooperation and to explore promising opportunities in the UAE market in the light of the new economic model and the fifty projects.

– Following its signing, the Comprehensive Economic Partnership Agreement between the two countries will pave the way for a new shift in the two countries’ relations in trade, investment, talent exchange and knowledge sharing.

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ISTANBUL, April 27 / WAM / Hans Excellence Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, discussed with His Excellency Mehmet Muş, Turkish Minister of Trade, during a round table held in Istanbul today, ways to develop trade and investment partnerships between the business communities of the United Arab Emirates and the Republic of Turkey, and to draw benefit from the qualitative leaps recently achieved by the bilateral and economic relations between the two countries. The two sides also discussed arrangements for finalizing the comprehensive Economic Partnership Agreement, which will soon be signed between the two countries.

His Excellency Al Zeyoudi emphasized – during the meeting, which takes place in the framework of an official and commercial delegation’s visit to Turkey led by His Excellency – the strong historical ties and ties that unite the UAE and the friendly Republic of Turkey, and the two sides’ aspiration to strengthen joint cooperation in all areas in the light of the common desire to develop economic cooperation to higher levels in a sustainable way and in a way that serves the development agenda and business of the two countries in order to shift towards: a more sustainable and resilient economy and in a way that achieves more progress for the peoples of the two countries.

The UAE-Turkish relations witnessed a qualitative development and growing cooperation in the last phase in all areas of common interest, following the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Commander-in-Chief of the Armed Forces, to Turkey at the end of 2021, and His Excellency Turkish President Recep Erdogan’s visit to the UAE in February 2022, which resulted in the signing of around 72 agreements and memoranda of understanding in various fields.

His Excellency Al Zeyoudi said: “We look forward to maximizing the benefits of this historic phase in the process of cooperation between the two countries and stimulating them to more progress in a number of strategic sectors over the coming period. We recently announced the launch of official talks on reaching a comprehensive economic partnership agreement with Turkey in the framework of the Global Economic Agreements Program are among the 50 projects in the UAE, and today we continue to work with our partners in the Turkish government and with the private sector in Turkey must finalize the arrangements for this agreement and formally sign it, which will pave the way for a new shift in relations between the two countries in trade, investment, talent exchange and knowledge sharing.

He added: “The volume of oil-free trade between the United Arab Emirates and Turkey amounted to around 50.4 billion dirhams by 2021, achieving a growth of 54% compared to 2020 and an increase of 86% compared to to 2019, while Ankara accounts for more than 3% of the volume of foreign trade without oil.The volume of Emirati investments in Turkey amounted to more than 18.3 billion dirhams by the end of 2020, while the value of Turkish investment in the UAE amounted to 1.1 billion dirhams at the end of 2019.

His Excellency Al Zeyoudi reviewed the elements of the new economic model for the United Arab Emirates based on flexibility, proactivity and openness to world markets and highlighted a number of the fifty projects and updates that the state has made to its economic legislation system to do so. more flexible and competitive, as well as the cutting-edge infrastructure and technology owned by the state and attractive incentives for investing and attracting talent.

He called on the business community and companies in Turkey to take advantage of the momentum of existing economic cooperation and to explore promising growth opportunities in the UAE market, rich in benefits and incentives that will ensure growth and prosperity for its business, and to benefit benefit from the strategic location of the United Arab Emirates as an active logistics gateway that will enable Turkish products to enter the markets of the region, Asia and Africa, as well as infrastructure. The technologically advanced infrastructure, as well as enable the building of regional and global networks for its brands, to ensure that it achieves more profits, growth and development.

During the meeting, the two sides discussed new steps to motivate businessmen and companies to increase and diversify trade, develop the flow of mutual investment and establish projects, and encourage the exchange of knowledge and talent in a range of sectors representing a priority for both . pages in the next phase, of which are primarily: renewable energy, the financial and banking sector and entrepreneurship and small and medium-sized enterprises, advanced technology and innovative industries and logistical support, including activities in transport, shipping, civil aviation, agriculture, food security , health care and tourism.

The State Delegation included HE Saeed Thani Hareb Al Dhaheri, UAE Ambassador to the Republic of Turkey, HE Juma Al Kait, Assistant Deputy Secretary for International Trade in the Ministry of Economy, HE Abdullah Al Shamsi, Assistant Deputy Secretary for Industrial Development Sector in the Ministry of Industry and Advanced Technology, and HE Abdullah Al Qubaisi, Director General of General Affairs Department of Economic Development Abu Dhabi, His Excellency Fahad Al Gergawi, Executive Director of Dubai Investment Development Corporation, His Excellency Sherif Habib Al Awadi, Director General of Fujairah Free Zone Authority, His Excellency Mohammed Juma Al Musharrakh, CEO of Sharjah Office of Foreign Direct Investment “Invest in Sharjah”, and a number of government officials and businessmen in the state.

On the Turkish side, the Round Table was attended by HE Nile Olpak, Chairman of the Turkish Foreign Economic Council.

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