UAE planning 4 agreements linking UAE economy with over 10% of global economy: Thani Al Zeyoudi

UAE planning 4 agreements linking UAE economy with over 10% of global economy: Thani Al Zeyoudi

ABU DHABI, 3rd March, 2023 (WAM) -- Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, affirmed that the signing of the Comprehensive Economic Partnership Agreement (CEPA) with the Republic of Türkiye is the culmination of diplomatic relations spanning over 50 years and the continuation of the momentum of their economic cooperation and trade growth.

He added that Türkiye was the UAE’s sixth-largest trading partner in 2022, recording a growth of 40 percent compared to 2021, with UAE-Türkiye non-oil foreign trade reaching US$18.9 billion last year.

Dr. Al Zeyoudi added that the UAE-Türkiye CEPA between will see tariffs removed from 83 percent of the commodities in the two countries, in addition the liberalising non-oil trade by 93 percent of the commodities, adding that it will also help create a new market for the two countries in sectors such as food security, agriculture, financial technology, telecommunications, logistics, renewable energy and real estate.

He noted that the volume of trade exchange between the two countries is expected to grow to over US$40 billion annually within five years, in addition to creating over 25,000 jobs, especially in the skilled labour sectors, in the UAE by 2031, with the UAE’s exports to Türkiye expected