The UAE and Turkey are discussing comprehensive Economic Partnership Agreement

Abu Dhabi (Al-Ittihad) His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, discussed with His Excellency Mehmet Muş, Turkish Minister of Trade, at a round table held in Istanbul, ways to develop trade and investment partnerships between the business communities of the United Arab Emirates and the Republic of Turkey, and to benefit from of the qualitative leaps recently achieved by the bilateral and economic relations between the two countries. The two sides discussed the arrangements for the conclusion of the comprehensive Economic Partnership Agreement to be signed soon between the two countries. . Zeyoudi stressed the strength of the historical ties and ties that unite the United Arab Emirates and the friendly Republic of Turkey, and the two sides looked forward to strengthening joint cooperation in all areas in the light of the common desire to develop the economic cooperation to higher levels in a sustainable way, in a way that serves the development agenda and the business communities of the two countries in order to move towards a more sustainable and flexible economy, in a way that achieves further 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 momentum 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 Turkey will complete 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. His Excellency added: “The volume of non-oil trade between The United Arab Emirates and Turkey amounted to around 50.4 billion dirhams during 2021, achieving a v growth of 54% compared to 2020 and an increase of 86% compared to 2019, while Ankara accounts for more than 3% of the volume of foreign trade. 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. “Hans Excellence Al Zeyoudi reviewed the elements of the new economic model for the United Arab Emirates based on flexibility, proactivity and openness to world markets, highlighting a number of the fifty projects and updates that the state has made to its economic regulatory system to make it more flexible and competitive, as well as state-of-the-art infrastructure and technology and attractive incentives to invest and attract talent.Her Excellence encouraged 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, which is rich in benefits and incentives that will ensure growth and prosperity nd for its business, and to take advantage of 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 the technologically advanced infrastructure, and enables it to build regional and global networks for its brands in a way that guarantees them 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 UAE delegation included HE Saeed Al Dhaheri, UAE Ambassador to Turkey, HE Juma Al Kait, Assistant Secretary-General for International Trade in the Ministry of Economy, HE Abdullah Al Shamsi, Assistant Deputy Secretary-General for Industrial Development in the Ministry of Industry and Advanced Technology, and HE Sameh Abdul Qubaisi, Director General of Economic Affairs, Abu Dhabi Department of Economic Development. His Excellency Fahad Al Gergawi, CEO of Dubai Investment Development Corporation, His Excellence Sheriff Habib Al Awadi, CEO of Fujairah Free Zone Authority, His Excellency Muhammad Juma Al Musharrakh, CEO of Sharjah Foreign Direct Investment Office (Invest in Sharjah), and a number of officials and businessmen in the country. On the Turkish side, the Round Table was attended by HE Nile Olpak, Chairman of the Turkish Foreign Economic Council.

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