UAE-Türkiye partnership agreement to herald in new era of cooperation: Envoy

ANKARA

The United Arab Emirates (UAE) termed its economic partnership agreement with Türkiye as a milestone that will herald in a new era of cooperation between the two countries.

The Comprehensive Economic Partnership Agreement was signed by Abu Dhabi and Ankara on Friday to boost their bilateral trade.

“The agreement constitutes a milestone in the two countries’ qualitative relations and a new era in joint cooperation towards broader horizons for the benefit of the two countries,” UAE Ambassador to Türkiye, Saeed Thani Hareb Al Dhaheri, told Anadolu.

He said relations between Abu Dhabi and Ankara date back to long decades of constructive cooperation.

“This month marks the 50th anniversary of diplomatic relations between the two nations,” Al Dhaheri said. “The process of cooperation relations culminated with the signing of the Comprehensive Economic Partnership Agreement.”

The Emirati diplomat said the partnership agreement reflects keenness of both the UAE and Türkiye to expand their cooperation.

“The agreement will stimulate trade and investment exchange and joint economic growth, and enhance the quality of life for the two friendly peoples,” he said.

“It will also establish a real development partnership, build common interests, and consolidate stronger strategic relations between the two countries,” he added.

The UAE envoy noted that the partnership agreement “will contribute to launching a new path of joint growth and mutual opportunities”.

“It was agreed to reduce customs duties on specific products and goods by 82%, which will enhance the intra-non-oil trade,” he added.

“The agreement will also contribute to further enhancing trade and investment between the UAE and Türkiye. Positive results are expected to be felt in a short period following implementation.”

Solid base

The ambassador said the partnership agreement will lead to building a solid and clear economic base between the two countries.

“It will also provide new qualitative advantages for the business communities and the private sector in the two countries, as it builds on the growth and prosperity achieved in trade and investment exchange between the two countries.”

According to the envoy, the agreement will provide more than 100,000 jobs in Türkiye, and about 25,000 in the UAE.

“It will facilitate and accelerate the process of trade exchange between the two countries,” he said.

“This agreement will also open new markets for exporters from both countries. It will benefit the owners of large and small projects at the same level.”

The UAE diplomat added that the agreement effectively strengthens the trade and investment partnership between the UAE and Türkiye.

“It is a new important step in efforts to expand the network of commercial partners for both the UAE and Türkiye, which was the fastest growing trade partner to the UAE in 2022,” the ambassador said.

During the signing ceremony of the partnership agreement, Turkish President Recep Tayyip Erdogan said trade volume between Türkiye and the UAE will reach $25 billion in five years thanks to the new deal.

UAE President Sheikh Mohamed bin Zayed Al Nahyan also said the agreement “builds on our longstanding ties to deliver further growth, opportunity & stability for our countries & our people.”

* Ikram Imane Kouachi contributed to this report