Turkiye, UAE sign preliminary deal to boost trade, business

23 May '22

2 min read

Pic: Shutterstock

UAE federal export credit agency Etihad Credit Insurance (ECI) recently signed a preliminary agreement with Turkish counterpart Turk Eximbank to enhance trade and boost bilateral business and commercial ties. Under the agreement, the agencies will jointly work to ease access to credit insurance and project financing, ECI said in a statement.

The state-owned entities will also collaborate on easing trade and export of their respective domestic businesses by organising joint workshops, forums and business-to-business meetings.

“This agreement will usher in a new era of increased trade relations and exceptional investment opportunities for businesses in the UAE and Turkiye,” said ECI's chief executive Massimo Falcioni, who signed the agreement in Istanbul.

“Improving the economic and trade horizons through close partnerships will certainly result in doubling the volume of trade exchanges and greater stability for both countries,” he was quoted as saying by UAE media reports.

The UAE and Turkiye have officially commenced talks on a Comprehensive Economic Partnership Agreement (CEPA) to reinforce trade and investment ties and intensify economic recovery and growth across the region.

The CEPA talks follow Turkish President Recep Tayyip Erdogan's visit to the UAE in February, where he met President Sheikh Mohamed bin Zayed.

Turkiye is the UAE’s seventh-largest trading partner. According to the UAE ministry of economy data, Non-oil trade between the two countries rose 82 per cent to Dh49.4 billion ($13.45 billion) last year compared with the pre-pandemic level of Dh27.1 billion in 2019.

In November, the UAE established a Dh36.73-billion fund to support investments in Turkiye to increase its support for the Turkish economy with a focus on strategic sectors like energy, health and food security.

Fibre2Fashion News Desk (DS)

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