The UAE and Turkey have officially launched talks on a Comprehensive Economic Partnership Agreement (CEPA) to expand trade and investment ties that will underpin a new era of regional stability.
Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, began negotiations with Turkey’s Minister of Trade Mehmet Muş in Istanbul for a deal that expects to double bilateral trade from its current $13.7 billion levels.
The CEPA will also contribute to add certainty to the economic recovery at a time when the world faces immense challenges from increasing food price volatility and soaring inflation to supply-chain disruption and lingering impact of the global pandemic.
“Our ambitious trade agreement with Turkey will offer tremendous benefits to businesses, investors, entrepreneurs and consumers in the UAE,” Al Zeyoudi said. “By cutting tariffs, promoting the free movement of goods, facilitating capital flows and reducing trade barriers, we will make it easier than ever to do business with Turkey and vice versa. Together, we will explore new opportunities in aviation, tourism, logistics, infrastructure, food security, renewable energy and 4IR technologies.”
“This is a milestone in our progressive trade agenda that will help to double the size of our economy and lay the foundations for the next 50 years of growth and prosperity.”
The first round of negotiations began on April 26 in Istanbul and significant progress is expected to be made as the UAE aims to complete an unprecedented eight CEPAs this year.
Turkey is the UAE’s seventh-largest trading partner. In 2021, non-oil trade reached $13.7 billion, up 86 per cent from pre-pandemic levels in 2019.