The Turkey-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 Muş.
Zuyudi spoke at the press conference held after the signing ceremony, where President Recep Tayyip Erdoğan and UAE President Sheikh Mohammed bin Zayed Al-Nahyan were connected via video conference.
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.
Zuyudi spoke at the press conference held after the signing ceremony, where President Recep Tayyip Erdoğan and UAE President Sheikh Mohammed bin Zayed Al-Nahyan were connected via video conference.
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 the friendly country Turkey in the field of the economy for a real economic integration that will serve the expectations of the two countries.
By signing the aforementioned agreement, a new stage has been entered in the historical relations between the two countries, Merri said, "Considering the role played by the UAE and Turkey in the international trade flow, as they are the most dynamic economies in the region, this partnership with Turkey will extend to the entire Middle East and the general public. It will have a positive impact on the global trade flow.” said.
Merri noted 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.
Stating that with the agreement, the customs duties on non-oil products will either be abolished or reduced by 93 percent, Merri added that the bilateral trade volume, which is currently $19 billion, will reach $40 billion in the next 5 years.
Trade Minister Muş, 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 Turkey and the UAE in non-oil products reached around 50.4 billion dirhams ($13.7 billion) in 2021.
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