Comprehensive Economic Partnership negotiations between Turkey and UAE begin

Economic cooperation between Turkey and the UAE is getting stronger. “Comprehensive Economic Partnership Agreement Negotiations” were initiated between the two countries. “With the agreements, we will be able to achieve the target of bilateral trade volume of $15 billion,” said the Minister of Trade Mus.

Trade Minister Mehmet Mus and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi held a press conference within the scope of the “Turkey-United Arab Emirates Comprehensive Economic Partnership Agreement” negotiations.

Providing information on the content of the meeting, Mus expressed his satisfaction with the start of the negotiations.

“The UAE is Turkey’s largest trading partner in the Gulf region”

Pointing out that with the Comprehensive Economic Partnership Agreement, Turkey and the UAE will have the opportunity to develop their commercial and economic relations more comprehensively and deeply, Mus said:

“Our visits to Abu Dhabi and Dubai in February under the auspices of our Honorable President have opened the doors of a new era within the framework of our cultural, political and economic relations with the UAE. These contacts also formed the basis of the Comprehensive Economic Partnership negotiations, which we started here. The United Arab Emirates is currently Turkey’s largest trading partner in the Gulf region, with a bilateral trade volume of $8 billion.

Along with the trade of goods, many leading Turkish companies in various service sectors from contracting, logistics, finance, health, education and tourism are doing successful business in the UAE. The public affiliates and companies of the Emirates operate effectively in different sectors in our country, and the number of new investments and commercial cooperations of the UAE in our country is increasing exponentially. In the light of these developments, we do not only negotiate a conventional free trade agreement covering commodity trade, but set out to implement a new generation agreement model that is compatible with the global commercial dynamics of the future, as the name suggests.”

Pointing out that the global economy is going through tough times, Mus emphasized that during this period, trade protectionism, epidemics and regional tensions shook global dynamics and caused deep wounds in international trade.

“We will be able to reach the target of bilateral trade volume of $15 billion in a short time”

Emphasizing that the importance of trade diplomacy has been reaffirmed in this process, where the prevailing regulatory rules and practices in global trade have been questioned and the wave of regionalization has expanded, Mus said:

“In this challenging period, Turkey has succeeded in jumping the ranks in global trade. As a matter of fact, as of 2021, we have succeeded in increasing our share of global trade above 1% for the first time in our history, and we have increased our exports to over $225 billion. In this success achieved in such a challenging environment, I believe that the commercial integrations we have built in the past serve as an anchor and play an important role in our positive differentiation. On the other hand, both Turkey and the UAE will become more resilient to cyclical risks and tests with the completion of the negotiations started today as soon as possible. Recently, we have witnessed that the UAE has become a global player in many service sectors such as finance, tourism, aviation and technical consultancy.

In the presence of the Minister, I would like to express in particular that we follow the rapid development of the Emirates in these sectors with great appreciation. With the completion of the Comprehensive Economic Partnership Agreement negotiations, we will be looking forward to Turkey and the UAE adding new collaborations at a much more advanced level to their existing success stories. On the other hand, with the entry into force of the said agreement, we will be able to reach the target of bilateral trade volume of $15 billion, which we approached in 2017, in a short time. Again, with the implementation of this agreement, it will be possible to realize new investments and projects in areas where it is essential to catch up with global trends such as renewable energy, electric transportation and transportation and software.”

Minister Mus stated that, with joint efforts, it will be more possible for both Turkish and Arab business circles to prepare for the waves of transformation in the global economy.

“I would like to reiterate that I am very pleased to announce the start of Turkey-United Arab Emirates Comprehensive Economic Partnership Agreement negotiations with my esteemed colleague,” Mus said. I sincerely believe that the well-founded cooperation between our countries will always open important doors for us both bilaterally and regionally.”

“Both sides need to gain from the deals”

Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, also said that they are pleased with the start of negotiations on the agreement between the UAE and Turkey.

Al Zeyoudi stated that they have started working to make important breakthroughs and said:

“We have made an effort within the scope of the partnership agreement with all the countries of the world. With the Comprehensive Economic Partnership Agreement, we aim to increase the industry and investments in the coming period and to make the best use of human resources and other resources, whether human or financial. The world has just been saved from covid, now we are about to open up new partnerships. This partnership agreement shows that the UAE will evolve into a more resilient economy.

Both parties need to gain from the deals. Turkey is an important partner for this, and it has made great strides in the last period. We continue our efforts for stability and to ensure regional peace. Relations between Turkey and the UAE are promising. The bilateral trade volume between the two countries has increased significantly in 2020 compared to 2019, and if we look at the 2020 figures of the UAE, there is an investment of $5 billion in Turkey, we can increase them with cooperation. With the Partnership Agreement, we can increase these figures. I hope the cooperation between the two countries will increase even more.”

Source: Trthaber / Translated by Irem Yildiz

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