Turkiye-UAE CEPA to see bilateral trade volume rise to $25 bn in 5 yrs

05 Mar '23

1 min read

President Recep Tayyip Erdoğan. Pic: Presidency of the Republic of Turkey

The United Arab Emirates (UAE) and Turkiye recently signed a comprehensive economic partnership agreement (CEPA) to boost trade, according to President Recep Tayyip Erdogan, who said the agreement will take economic and trade relations to a new phase and will enable trade volume between the countries to increase to $25 billion in five years.

“We will build an economic bridge which has strong foundations and is extending from Europe to North Africa, from Russia to the Gulf region,” Erdogan told the signing ceremony via video link.

“The progress the Türkiye-UAE relations, based on strong foundations, have made in every area is a source of pride for us. We are marking this year the 50th anniversary of the establishment of our diplomatic relations. The Comprehensive Economic Partnership Agreement, which has just been signed, is of historic importance in terms of this feature as well as of all the terms. With the signing of this agreement, our economic and trade cooperation has entered a new phase,” he added.

The two sides are warming up after years of tense relations, especially after the conflict in Libya, where the UAE and Turkiye have backed opposing sides.

Fibre2Fashion News Desk (DS)

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