With the development and prosperity that Turkey is experiencing, many countries have resorted to strengthening their relations with it, in order to achieve their desired goals of various kinds. Recently, a meeting took place between the Ministers of Economy of both the UAE and Turkey, during which they discussed the pursuit of strengthening the strategic relations between the two countries. Following this meeting, the UAE Minister of Economy, Abdulla bin Touq Al Marri, stated on Sunday about new strategic relations that will be established between the two countries. This statement also came after the meeting between the Turkish President Recep Tayyip Erdoğan and the UAE President Sheikh Mohamed bin Zayed Al Nahyan, aimed at developing strategic relations between them.
Al Marri explained the reason for Sheikh Mohamed bin Zayed Al Nahyan's visit to Turkey, indicating that it was aimed at enhancing the relations between the two countries, in addition to strengthening the relations more rapidly as it is an unprecedented step between the two countries. He emphasized through his statements that these relations are the result of a desire from both parties, in order to achieve the developmental goals of both Turkey and the UAE.
Al Marri praised the success of the relations between the two parties in recent years despite the rapid changes witnessed in the world. He explained that this success is due to the economic factors of both Turkey and the UAE, in addition to the distinguished geographical location and linking domestic markets with external ones.
Al Marri announced the signing of an agreement between Turkey and the UAE, which stipulates the second economic partnership between the two countries, hoping to achieve future goals for each of them, in addition to opening up new and broad horizons of opportunities in all aspects: commercial, economic, and investment, relying on the development plans that Turkey and the UAE aim to achieve. He reiterated the great opportunities in many fields such as tourism, technology, transportation, food, and many others.
Achieving sustainable and long-term economic growth is the primary and most important goal of the agreement signed between Turkey and the UAE last March.
This agreement aims to reduce tariffs, covering 82% of various goods and services, which is approximately 93% of all products excluding oil. It also provided many facilitations for various key sectors such as construction, metals, and other industries, allowing them access to exporters from the UAE to the Turkish market without complications. With these aforementioned benefits of tariff reductions and facilitations for accessing the Turkish market, it will significantly contribute to increasing non-oil bilateral trade. Forecasts indicate that by 2031, 25,000 new job opportunities will be provided, in addition to contributing to raising the UAE's exports to Turkey by 21.7%. These developments affirm the positive and clear progress in the relationship between Turkey and the UAE, especially over the past two years, during which this relationship witnessed numerous mutual visits between Turkish President Recep Tayyip Erdoğan and UAE President Sheikh Mohamed bin Zayed Al Nahyan. These visits contribute greatly to strengthening and enhancing relations between the two parties and furthering the achievement of goals and objectives for both countries.
Among the agreements announced regarding economic relations between the two countries are 13 cooperation agreements in various areas of mutual interest between the two countries in February 2022. Additionally, the UAE government announced the establishment of a $10 billion fund in Turkey dedicated to investments in the energy, health, food, and various logistical services sectors.
ِAlso read: UAE Investment in Turkey Reaches $51 Billion
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