UAE-Turkey non-oil trade to reach $40 billion in five years with new CEPA agreement

UAE-Turkey non-oil trade to reach $40 billion in five years with new CEPA agreement

Abu Dhabi: The United Arab Emirates and Turkey signed the Comprehensive Economic Partnership Agreement (CEPA) on Friday. During a virtual summit, President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Recep Tayyip Erdogan, President of the Republic of Turkey, witnessed the signing. “The signing of the CEPA reflects the significant development witnessed in bilateral relations in recent years,” commented President Sheikh Mohammad. The total non-oil trade between the UAE and Turkey reached $19 billion in 2022, an increase of 40 per cent compared to 2021 and 112 per cent compared to 2020. This makes Turkey the fastest-growing among the UAE’s top 10 trading partners. “Not only does this agreement aim to stimulate trade, investment and economic growth, but it also establishes a genuine development partnership, building common interests and consolidating ever-stronger strategic relations between our two countries,” Sheikh Mohammad added. The UAE-Turkey CEPA aims to achieve mutual benefits for both countries and stimulate long-term, sustainable, and comprehensive economic growth by eliminating or reducing customs duties on 82 per cent of goods and products, representing more than 93 per cent of non-oil trade. Additionally, the agreement improves market access to Turkey for exporters from the UAE, including major sectors such