Agreement aims to eliminate or reduce customs duties on 82% of goods and products
25,2031 new jobs in both countries by <>
The signed agreement is designed in a way that achieves the mutual benefit of both parties. WAM
The Comprehensive Economic Partnership Agreement between the UAE and Turkey is designed in a mutually beneficial way and works to stimulate long-term, sustainable and inclusive economic growth in both countries, as the agreement eliminates or reduces customs duties on 82% of goods and products, which represent more than 93% of the components of intra-non-oil trade, and improves access to the Turkish market for exporters from the UAE, including key sectors such as contracting, metals and their products, polymers and other manufacturing products.
The agreement is also expected to contribute effectively to increasing intra-non-oil trade to $ 40 billion annually within five years, creating 25,2031 new jobs by 21, and increasing UAE exports to Turkey by 7.<>%.
The Comprehensive Economic Partnership Agreement between the UAE and Turkey builds on the booming trade and investment relations between the two countries, especially after the escalating growth in non-oil bilateral trade, which reached $ 18.9 billion in 2022, and grew by 40% compared to 2021, making Turkey the fastest growing partner among the top 10 trading partners of the UAE.
Non-oil exports to Turkey amounted to $5.6 billion in 2022, up 109% compared to 2021, while the value of re-exports from the UAE to the world grew by 87% to reach $2.3 billion in 2022.
Understanding and respect
The deep ties between the UAE and Turkey are based on mutual understanding and respect, and always aim to enhance joint cooperation in various fields, especially in the sectors of economy, climate action, culture and youth empowerment.
The two countries celebrated 50 years since the start of diplomatic relations.
• 40% increase in non-oil trade between the two countries during 2022, recording $ 18.9 billion, making Turkey the fastest growing trade partner of the country.
• The agreement contributes to doubling non-oil intra-regional trade to $ 40 billion annually within 5 years.