UAE-Turkey CEPA to usher in a new era in bilateral relations
Early in March, the UAE and Turkey signed a Comprehensive Economic Partnership Agreement to boost trade. The extensive economic partnership deal has come into effect starting Friday, following the completion of internal approval processes, according to Anadolu Agency (AA).
In addition to the CEPA, the two countries have recently further enhanced their economic partnership by signing a number of agreements during President Recep Tayyip Erdogan’s visit to the Gulf country in July. The deals inked are estimated to be worth $50.7 billion.
With the promising economic partnership deal coming into force, economic relations between the UAE and Turkey await a new era. The agreement is expected to significantly elevate the bilateral trade volume and mutual investments, supporting common expectations and interests.
Turkey’s foreign trade volume with the UAE, which remains its largest trade partner among Gulf countries, reached nearly $10 billion in 2022. The figures are staggering, offering predictions of a promising future for UAE-Turkey bilateral relations.
Warming Ties Between Turkey And Arab World
Several globally branded Turkish companies are conducting successful business in the Emirates. Tevfik Öz, the President of the Turkey-UAE Business Council at the Foreign Economic Relations Board (DEIK), highlighted the deep bilateral trade network between the two countries.
With the CEPA signed in March, Turkish products can enter the UAE market and other countries with ease, interests of Emirati investors in Turkey will rise and the $25 billion trade volume could be reached and even surpassed in a short time, he explained.
Following years of tense relations, ties between Turkey and Arab countries are witnessing a major thaw. President Erdogan’s high-profile Gulf tour resulted in the signing of several promising contracts in the fields of defence, energy, direct investment and media.
Meanwhile, Turkey-Saudi Arabia ties have entered a phase of partnership, according to the Kingdom’s Minister of Industry and Mineral Resources, Bandar Alkhorayef. The two countries inked a MoU on Monday aimed at bolstering cooperation in the field of critical minerals.