The signing of the Comprehensive Economic Partnership Agreement (CEPA) with the Republic of Türkiye is the culmination of diplomatic ties spanning more than 50 years, and the continuation of trade growth and momentum of economic cooperation between the two countries according to Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
Türkiye was the sixth-largest trading partner of the UAE in 2022, showing a 40% increase over 2021 in non-oil international trade, reaching US$18.9 billion last year.
Dr. Al Zeyoudi stated that the CEPA between the UAE and Türkiye will result in the removal of tariffs from 83 percent of the commodities in the two nations as well as the liberalisation of non-oil trade for 93 percent of the commodities. He also said that the CEPA will help the two nations open up new markets in the areas of food security, agriculture, financial technology, telecommunications, logistics, renewable energy, and real estate.
In addition to creating over 25,000 jobs in the UAE by 2031, especially in the skilled labour sectors, he noted that the volume of trade exchange between the two nations is anticipated to increase to over US$40 billion annually within five years. During the subsequent stage, it is anticipated that the UAE’s exports to Türkiye will increase by 20%.