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Abu Dhabi, July 19: His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, affirmed that the UAE and Turkey are continuing to move forward with the procedures related to the adoption and activation of the Comprehensive Economic Partnership Agreement, in preparation for its entry into force soon, after the two countries had officially ratified the agreement at the end of last May. .
His Excellency said in his statements that, according to the approved timetable, the agreement will enter into force early next September and aims to stimulate non-oil intra-trade from its current level of $18 billion to more than $40 billion annually within the next five years by reducing or canceling customs duties for what It represents 82% of the customs tariff items in both countries, which covers 96% of the commodities traded between them.
Regarding the size of the UAE and Turkish economies in the region’s total economy and their ability to enhance trade between the two countries, the region and the world, Al-Zeyoudi stressed that the population of the two countries is currently close to 100 million, and the two countries are among the 30 most important economies in the world, with a gross domestic product of both countries approaching $1.5 trillion. And the structure of the contribution of sectors to their GDP, especially services, is somewhat close at a rate of more than 50%, and there is unlimited potential for increasing economic cooperation between the two sides, pointing out that this includes service sectors, including activities supporting tourism, trade and technology, as well as industry, agriculture, infrastructure and many others. It is one of the sectors in which the two countries are considered leaders and distinguished regionally and globally.
He pointed out that on the investment side, both countries attracted direct investments as a balance for the end of 2022, amounting to approximately 360 billion dollars, or 38% of the total foreign direct investment inward to West Asia, and with regard to investments issued abroad, the balance of the UAE and Turkey together amounts to about 300 billion dollars, or about 50% of West Asian investments are exported to the world.
With regard to the most prominent areas of economic cooperation between the UAE and Turkey, His Excellency explained that the two countries aim to upgrade the economic partnership between them to include all economic sectors, especially since the two countries possess promising ingredients that enable them to achieve integration and joint growth between them, indicating that the UAE is a commercial, investment, tourism and logistical center in the region and the world. It is considered a corridor and a commercial gateway that facilitates the flow of trade between all parts of the world. It is also among the most important destinations for investment flows around the world, as well as one of the most important sources of investment abroad.
His Excellency Al-Zeyoudi expected that the Comprehensive Economic Partnership Agreement, upon its entry into force, would contribute to building long-term partnerships between the business communities in the two countries for growth, prosperity and expansion, taking advantage of the strategic locations of the two countries as important regional and global business centers.
His Excellency pointed out that Turkey is one of the top 10 major trading partners of the UAE around the world, with a contribution of 3% of the UAE’s non-oil foreign trade. The growth rates reflected in the 2022 numbers indicate that the growth in non-oil trade during 2022 exceeded 40%. % compared to 2021, to record $18.9 billion..Turkey is the sixth most important destination for Emirati non-oil exports, and in return Turkey is among the top 5 countries from which the UAE imports.
His Excellency stated that the UAE ranks 15th in the world in the list of Turkey’s most important trading partners around the world, second in the Arab world and first in the Gulf, as nearly 50% of Turkey’s trade with the Gulf countries takes place with the UAE and up to 15% of its trade with the Arab countries combined.
