Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, on Friday welcomed Mehmet Simsek, Turkish Minister of Treasury and Finance, and his accompanying delegation.
The meeting was held at the headquarters of the Ministry of Finance (MoF) in Dubai and sought to discuss means of bolstering financial and economic relations and partnerships between the UAE and the Republic of Turkiye.
In attendance were Younis Haji Al Khoori,Undersecretary of Ministry of Finance (MoF); and Saeed Rashid Al Yateem, Assistant Undersecretary for Government Budget and Revenue Sector at Ministry of Finance; along with senior officials from both parties.
During the meeting, Al Hussaini congratulated Mehmet Simsek on his appointment as Minister of Treasury and Finance of the Republic of Turkiye.
Al Hussaini emphasised the UAE’s keenness to bolster bilateral relations with the Republic of Turkiye in various fields, particularly economy, finance,and investment, to contribute to advancing growth and prosperity in both countries.
Mohamed Bin Hadi Al Hussaini said: “The UAE and the Republic of Turkiye enjoy robust strategic relations thanks to the support provided by the leadership of both countries. We aim that our strong ties contribute to achieving sustainable economic integration and serve the future directions of the two countries.”
Non-oil intra-trade increased by 40 per cent to $18.9 billion in 2022, making Turkiye among the top 10 trade partners of the UAE with a share of more than 3 per cent of the UAE’s non-oil foreign trade. The UAE’s direct foreign investments in Turkiye amounted to more than $5 billion, which puts the UAE among the top 15 countries investing in Turkiye.
In March 2023, presidents of both countries held a virtual summit, which witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the Republic of Türkiye. This agreement heralds a new path for sustainable development in both nations and contributes to stimulating mutual trade and investment opportunities.
Non-oil intra-trade between the UAE and Turkiye from 2013 to 2022 amounted to over Dhs378 billion, divided into Dhs204.3 billion in imports, about Dhs127.5 billion in exports, and more than Dhs46 billion in re-exports, according to Federal Competitiveness and Statistics Centre (FCSC).
An FCSC report revealed that raw gold topped the list of the five most important commodities imported by the UAE from Turkiye in 2022, with a value of Dhs15.6 billion, and jewellery was second on the list of the five key commodities imported in 2022, with a value of Dhs9.4 billion.
At Dhs17.7 billion, raw gold ranked first among the top five commodities exported from the UAE to Turkiye in 2022. With a value of Dhs2.5 billion, jewellery topped the list of the top 5 commodities re-exported, followed by raw gold worth Dhs1.8 billion.
In March, the two countries signed the CEPA, heralding a new era of bilateral cooperation that will stimulate trade, increase investment flow, and create joint opportunities in priority sectors. Total non-oil trade between the UAE and Turkiye reached $19 billion in 2022, an increase of 40 per cent compared to 2021 and 112 per cent compared to 2020.The CEPA with Turkiye is the fourth to be concluded by the UAE as part of its global economic agreements programme, following similar agreements with India, Israel, and Indonesia.
‘’With the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Turkiye, we are looking forward to a promising future full of tremendous trade, economic and investment opportunities in light of ambitious plans adopted by the two countries in key sectors of top priority in trade, investment, industry, tourism, transport, energy, food, technology and others, ‘’ Abdulla Bin Touq Al Marri, UAE Minister of Economy said.
Separately, Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade said that the UAE and Turkiye enjoy close trade and investment relations, thanks to the common will of their leadership to promote their cooperation to a broader level of partnership.
Speaking to the Emirates News Agency, the minister said that the bilateral relations between the two nations have witnessed successive positive developments during the past two years, culminating in the signing of the Comprehensive Economic Partnership Agreement (CEPA) last March, during a virtual summit between President His Highness Sheikh Mohamed Bin Zayed Al Nahyan and the Turkish President Recep Tayyip Erdogan.
He added that this agreement, which ushers in a new era of partnership and economic integration, stems from a solid base of close trade and investment relations between the two countries, as non-oil intra-trade increased by 40 per cent to $19 billion in 2022, making Turkiye among the top 10 trade partners of the Emirates with a share of more than 3 per cent of the UAE’s non-oil foreign trade. The UAE’s direct foreign investments in Turkiye amounted to more than $5 billion, which puts the UAE among the top 15 countries investing in Turkiye.
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