Sani bin Ahmed ez-Zuyudi, Minister of State for Foreign Trade of the United Arab Emirates (UAE), said that with the Comprehensive Economic Partnership Agreement signed with Turkiye, approximately 100 thousand jobs will be created in the Turkish economy.
The Turkiye-UAE Comprehensive Economic Partnership Agreement Signing Ceremony was held in Abu Dhabi, the capital of the UAE, with the participation of Minister of Economy Abdullah bin Tavk al-Merri, Minister of State for Foreign Trade Zuyudi and Minister of Trade Mehmet Mus.
Zuyudi spoke at the press conference held after the signing ceremony, where President Recep Tayyip Erdogan and UAE President Sheikh Mohammed bin Zayed Al-Nahyan were connected via video conference.
“The agreement will be implemented within a year”
Noting that the signed agreement will create approximately 25 thousand jobs in the UAE economy and 100 thousand jobs in the Turkish economy, Zuyudi stated that the agreement will enter into force within 3 to 6 months after the approval of the procedures, and will be implemented within 1 year.
On the other hand, UAE Economy Minister Merri stated that the Abu Dhabi administration will continue to cooperate with friendly country Turkiye in the field of economy for a real economic integration that will serve the expectations of the two countries.
Merri stated that by signing the said agreement, a new stage was reached in the historical relations between the two countries. “Considering the role played by the UAE and Turkiye in the international trade flow as they are the most dynamic economies in the region, this partnership with Turkiye will have a positive impact on the entire Middle East and on the global trade flow in general.”
Merri stated that the agreement paved the way for the establishment of a new platform for regional development and progress at this stage where the global economy is going through an important turning point.
“Trade volume will reach $40 billion in the next 5 years”
Stating that with the agreement, the customs duties on non-oil products will either be abolished or reduced by 93%, Merri added that the bilateral trade volume, which is currently $19 billion, will reach $40 billion in the next 5 years.
Trade Minister Mus, on the other hand, said in a statement on his Twitter account that the signed agreement will serve to maximize bilateral trade volume and investments.
According to the UAE news agency WAM, the trade volume between Turkiye and the UAE in non-oil products had reached around 50.4 billion dirhams ($13.7 billion) in 2021.
Source: Trthaber / Prepared by Irem Yildiz