Turkey and the United Arab Emirates launched official talks on A Comprehensive Economic Partnership Agreement (CEPA), which is expected to significantly raise trade, officials . said on Tuesday.
The announcement comes as monday countries striving for build Economic bridges after a years-long rift.
The agreement will enable Turkey and the UAE to develop their trade and economic relations more Comprehensively and deeply, Commerce Minister Mehmet Muş said at a joint press meeting with Emirati Minister of condition for Foreign Trade Thani Al Zeyoudi.
The UAE seeks wide-ranging freedom trade The conventions, known as CEPAs, with many of countries These agreements have been signed year with India and Israel.
Agreement looking forward to removal trade Barriers and promote freedom of movement of goods by cutting Tariffs.
The deal will enable Turkey and the UAE to achieve a bilateral trade the sound of Nearly $15 billion, Muş said, referring to highest level ever recorded back in 2017, by declining With strained relationships.
Al Zeyoudi said that CEPA is expected to double trade between the two peoples.
“by cutting Tariffs, promote freedom of movement of Commodities and facilitate and reduce capital flows trade Barriers, we’ll make it easier since when business. Will also support new era of cooperation “.
Turkey and the United Arab Emirates moved to put years of strained relationships behind Them, open the doors to a new phase in Bilateral relations have been marked by deeper economic cooperation after years of dispute, during which the two sides have maintained economic ties.
President Recep Tayyip Erdogan visited the United Arab Emirates in Mid-February, after a trip by the de facto ruler of the United Arab Emirates and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan (MBZ) to Ankara. in Late November marked move towards overcoming differences.
It was Erdogan’s visit first To the Gulf country since 2013, marked by score of Agreements, including on tradeindustry, defense, health and medical sciences, land and sea transport, and climate action.
During the trip, the two countries I signed a joint statement on start negotiations for the couple trade and CEPA investment deal.
the visit in November had resulted in investment agreements worth billions of dollars and it was Mohammed bin Zayed first official A trip to Turkey since 2012 and highest- An Emirati visit on a level official Since the relations between the two countries hit Low.
United Arab Emirates in In November, it said it had set aside $10 billion for a fund support Mainly strategic investments in turkey. Fund will focus on Strategic investments, including in energy and health sectors.
earlier this yearthe two countries agreed on A swap deal of nearly $5 billion in local currencies.
summit trade partners
Erdogan described the UAE as a prominent figure in Turkey trade a partner in Gulf regionAnd he said trade Volume and buoyancy in private Sector partnerships have been maintained even during the period of strained relationships
“The United Arab Emirates currently the biggest trading a partner of turkey in Gulf region with couple trade the sound of About 8 billion dollars.
Trading volume decreased to $6.9 billion in 2018, before rebounding to nearly $7.9 billion in 2019, according to data from the Turkish Statistical Institute (TurkStat). The volume increased further to $8.3 billion in 2020 despite the coronavirus pandemic, before declining slightly to $7.6 billion last year.
Turkey and UAE changed Roles when it comes to surplus logging in exchange them. Turkey’s exports to the country were hit Its all-time high of Nearly $9.2 billion in 2017 compared to imports worth $5.5 billion.
However, Turkey recorded a trade inability in In the following years, before the trend reversed again last year. Its total exports amounted to $3.14 billion, $3.52 billion and $2.72 billion in 2018, 2019 and 2020 respectively against imports of $3.78 billion, $4.34 billion, and $5.57 billion, according to the data.
Turkey exported about $5.2 billion worth of Goods to the United Arab Emirates last year It bought nearly $2.4 billion worth of products from the country.
New generation deal
Turkey and the United Arab Emirates will become more Resistant to risk and periodic testing when CEPA negotiations are completed soon As possible, Muş said.
Recently, we witnessed that the United Arab Emirates became global player in Many service sectors such as finance, tourism, aviation and technical consultancy.”
Mosch said the two sides are not negotiating conventional weapons trade Agreement covers only trade of goods,” but as the name suggests, we put out to carry out a new obstetric agreement model compatible with The global trade dynamics of The future. “
The deal will also Enable Execution of new Investments and projects in Areas in which it is necessary capture global Trends such as renewable energy, electric transport, transportation, as well softwareThe minister added.
We have entered an effort within range of Cooperation Agreement with All the countries of The world said Al-Zeyoudi.
Through the Comprehensive Economic Partnership Agreement, we aim to increase industry and investments and get the most out of Human resources and other resources, whether human or financial in next period “.
“The world she has just We are free of Covid-19, and we are about to open the horizon for new Partnership. This Partnership Agreement shows That the United Arab Emirates will turn into more flexible economy. “
Al-Zeyoudi confirmed the two sides need To make a profit from the agreements.
Turkey is an important partner for This, it happened recently made great wide strides. We continue our efforts to ensure regional peace and stability added.
He said that relations between Turkey and the UAE are promising, citing trade and investments.
And if we look at the UAE’s numbers for 2020, we will find that it has 5 billion dollars in Investments in Turkey that we can increase with cooperation. With a partnership agreement, we can increase these numbers. me wish that cooperation of the two countries will increase even more. “
Turkey and the United Arab Emirates launched official talks on A Comprehensive Economic Partnership Agreement (CEPA), which is expected to significantly raise trade, officials . said on Tuesday.
The announcement comes as monday countries striving for build Economic bridges after a years-long rift.
The agreement will enable Turkey and the UAE to develop their trade and economic relations more Comprehensively and deeply, Commerce Minister Mehmet Muş said at a joint press meeting with Emirati Minister of condition for Foreign Trade Thani Al Zeyoudi.
The UAE seeks wide-ranging freedom trade The conventions, known as CEPAs, with many of countries These agreements have been signed year with India and Israel.
Agreement looking forward to removal trade Barriers and promote freedom of movement of goods by cutting Tariffs.
The deal will enable Turkey and the UAE to achieve a bilateral trade the sound of Nearly $15 billion, Muş said, referring to highest level ever recorded back in 2017, by declining With strained relationships.
Al Zeyoudi said that CEPA is expected to double trade between the two peoples.
“by cutting Tariffs, promote freedom of movement of Commodities and facilitate and reduce capital flows trade Barriers, we’ll make it easier since when business. Will also support new era of cooperation “.
Turkey and the United Arab Emirates moved to put years of strained relationships behind Them, open the doors to a new phase in Bilateral relations have been marked by deeper economic cooperation after years of dispute, during which the two sides have maintained economic ties.
President Recep Tayyip Erdogan visited the United Arab Emirates in Mid-February, after a trip by the de facto ruler of the United Arab Emirates and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan (MBZ) to Ankara. in Late November marked move towards overcoming differences.
It was Erdogan’s visit first To the Gulf country since 2013, marked by score of Agreements, including on tradeindustry, defense, health and medical sciences, land and sea transport, and climate action.
During the trip, the two countries I signed a joint statement on start negotiations for the couple trade and CEPA investment deal.
the visit in November had resulted in investment agreements worth billions of dollars and it was Mohammed bin Zayed first official A trip to Turkey since 2012 and highest- An Emirati visit on a level official Since the relations between the two countries hit Low.
United Arab Emirates in In November, it said it had set aside $10 billion for a fund support Mainly strategic investments in turkey. Fund will focus on Strategic investments, including in energy and health sectors.
earlier this yearthe two countries agreed on A swap deal of nearly $5 billion in local currencies.
summit trade partners
Erdogan described the UAE as a prominent figure in Turkey trade a partner in Gulf regionAnd he said trade Volume and buoyancy in private Sector partnerships have been maintained even during the period of strained relationships
“The United Arab Emirates currently the biggest trading a partner of turkey in Gulf region with couple trade the sound of About 8 billion dollars.
Trading volume decreased to $6.9 billion in 2018, before rebounding to nearly $7.9 billion in 2019, according to data from the Turkish Statistical Institute (TurkStat). The volume increased further to $8.3 billion in 2020 despite the coronavirus pandemic, before declining slightly to $7.6 billion last year.
Turkey and UAE changed Roles when it comes to surplus logging in exchange them. Turkey’s exports to the country were hit Its all-time high of Nearly $9.2 billion in 2017 compared to imports worth $5.5 billion.
However, Turkey recorded a trade inability in In the following years, before the trend reversed again last year. Its total exports amounted to $3.14 billion, $3.52 billion and $2.72 billion in 2018, 2019 and 2020 respectively against imports of $3.78 billion, $4.34 billion, and $5.57 billion, according to the data.
Turkey exported about $5.2 billion worth of Goods to the United Arab Emirates last year It bought nearly $2.4 billion worth of products from the country.
New generation deal
Turkey and the United Arab Emirates will become more Resistant to risk and periodic testing when CEPA negotiations are completed soon As possible, Muş said.
Recently, we witnessed that the United Arab Emirates became global player in Many service sectors such as finance, tourism, aviation and technical consultancy.”
Mosch said the two sides are not negotiating conventional weapons trade Agreement covers only trade of goods,” but as the name suggests, we put out to carry out a new obstetric agreement model compatible with The global trade dynamics of The future. “
The deal will also Enable Execution of new Investments and projects in Areas in which it is necessary capture global Trends such as renewable energy, electric transport, transportation, as well softwareThe minister added.
We have entered an effort within range of Cooperation Agreement with All the countries of The world said Al-Zeyoudi.
Through the Comprehensive Economic Partnership Agreement, we aim to increase industry and investments and get the most out of Human resources and other resources, whether human or financial in next period “.
“The world she has just We are free of Covid-19, and we are about to open the horizon for new Partnership. This Partnership Agreement shows That the United Arab Emirates will turn into more flexible economy. “
Al-Zeyoudi confirmed the two sides need To make a profit from the agreements.
Turkey is an important partner for This, it happened recently made great wide strides. We continue our efforts to ensure regional peace and stability added.
He said that relations between Turkey and the UAE are promising, citing trade and investments.
And if we look at the UAE’s numbers for 2020, we will find that it has 5 billion dollars in Investments in Turkey that we can increase with cooperation. With a partnership agreement, we can increase these numbers. me wish that cooperation of the two countries will increase even more. “