Turkish-Emirati economic convergence opens comprehensive investment horizons

Turkish-Emirati relations have witnessed significant rapprochement on commercial and economic levels, amid expectations that the volume of mutual trade and investment will double in the coming years.

This comes following the signing of the Comprehensive Economic Partnership Agreement between Ankara and Abu Dhabi, which is expected to more than double the volume of bilateral trade from $19 billion in 2022

to $40–45 billion within the next five years.

Agreement Details

The agreement grants both countries trade relations that include significant tax exemptions and incentives in their mutual trade.

The partnership agreement includes the liberalization of 83 percent of goods in both countries, in addition to the liberalization of 93 percent of goods currently in non-oil trade exchange.

The agreement focuses on sectors including agricultural technology, clean energy, logistics services, construction, and other sectors.

Shared Features and Benefits

According to economic analysts, the comprehensive agreement will provide unprecedented opportunities in all fields, noting the UAE's focus on strengthening its international partnerships with strategic markets to enhance the country's position as a main gateway for the flow of trade and logistics services.

They confirmed that the recent partnership with Turkey will have a positive impact on the tourism sector, an important contributor for both countries, and they may achieve the desired integration in this sector in the future.

The agreement is expected to provide at least 25,000 job opportunities in the UAE and more than 100,000 job opportunities in Turkey.

It also aims to achieve mutual benefit for both parties and stimulate long-term and sustainable economic growth in both countries.