Oil rich United Arab Emirates and Tukey signed a free trade agreement, considering it as the great step to make the bilateral relationships stronger and long lasting. The agreement came ahead of Turkey elections in May.
President Recep Tayyip Erdogan maintained his strong government by sticking with economic foreign policies increasing foreign investors in Turkey. President of UAE Sheikh Muhammad Bin Zayed Al Nayhan signed the agreement with Racep Tayyip Erdogan.
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Emirati President Sheikh Mohamed Bin Zayed Al Nahyan tweeted, “The signing of Comprehensive Economic Partnership Agreement with my friend Recep Tayyip Erdogan strengthens the partnership between UAE and Turkiye.
The agreement will build a longstanding and strong ties to increase growth, opportunity and stability for both the nations and its people, he added. Turkish official related to trade Mehmet Mus also attended the pact signing ceremony between Recep Tayyib and Sheikh Mohamed Bin Zayed Al Nayhan.
Goals of Agreement
The main goal of this agreement is to increase trade and reduce custom duties on 82 % of goods and products. It would also allow more than 93% of non-oil trade. It is expected that agreement will contribute to increase trade in non-oil bilateral products. It would increase to $40 billion within five years.
This agreement will also create 25000 job opportunities by 2031. The trade of non oil products between Pakistan and Turkiye also increased to $19 billion last year, 112% increase from year 2020.
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Turkiye and United Arab Emirates cooperated with each other in many other projects as well as dealing with global level challenges including gas explorations and climate change issues.