Türkiye targets lifting the commerce quantity with the United Arab Emirates to $40 billion (TL 1.39 trillion) in 5 years, Trade Minister Ömer Bolat mentioned on Wednesday as he acquired a Dubai delegation on the ministry.
“Our main goal within the scope of the Bilateral Trade and Comprehensive Economic Partnership Agreement (CEPA) is to increase our trade volume to $40 billion in 5 years,” Bolat mentioned in a submit on X.
He mentioned that they hosted the delegation led by Mohammad Ali Rashed Lootah, chairperson of Dubai Chambers, one of many largest financial growth arms in Dubai on the ministry.
The minister acknowledged that the bilateral commerce quantity between Türkiye and the United Arab Emirates exceeded $20 billion in 2023, marking a rise of 107% in comparison with the earlier yr.
The Comprehensive Economic Partnership Agreement (CEPA) between the duo was signed in March of final yr and entered into pressure in September of the identical yr. It is seen as an settlement offering vital advantages for simpler commerce and boosting cooperation in areas corresponding to companies, along with funding facilitation.
The UAE stands as one in all Türkiye’s most vital buying and selling companions within the Gulf area, and Ankara, typically, has loved a constructive momentum and increase in commerce with Gulf states lately amid rapprochement with Saudi Arabia and the UAE.
Türkiye and the UAE signed 13 agreements masking investments price $50.7 billion throughout President Recep Tayyip Erdoğan’s go to final July as a part of his Gulf journey, which additionally included stops in Saudi Arabia and Qatar.
“Türkiye and the UAE have the potential to establish new partnerships in various sectors, particularly in energy, defense, automotive, durable goods, pharmaceuticals and green and digital industries,” Bolat mentioned.
“Our Turkish and UAE companies and business communities are in a position to make significant contributions to the deepening of our bilateral cooperation and the achievement of our commercial goals, thanks to the proactive role they will play,” he added.
“Strengthening cooperation between Türkiye and the UAE in different areas will contribute to the emergence of important opportunities both in our bilateral relations and at the regional level.”
Source: www.dailysabah.com