The free commerce settlement Türkiye and the United Arab Emirates (UAE) signed Friday marks a milestone that may herald in a brand new period of cooperation between the 2 international locations, in keeping with a senior official.
According to UAE projections, the Comprehensive Economic Partnership Agreement (CEPA) goals to take financial relations between the 2 international locations to a brand new part and improve bilateral commerce to round $40 billion (TL756.8 billion) within the subsequent 5 years.
The negotiations on the deal have been kicked off final 12 months following UAE President Sheikh Mohamed bin Zayed Al Nahyan’s (MBZ) go to to the nation in 2021, throughout which the UAE arrange a $10 billion funding fund.
“The agreement constitutes a milestone in the two countries’ qualitative relations and a new era in cooperation toward broader horizons for the benefit of the two countries,” UAE ambassador to Türkiye, Saeed Thani Hareb Al Dhaheri, informed Anadolu Agency (AA).
He stated relations between Abu Dhabi and Ankara date again to many years of constructive cooperation.
“This month marks the 50th anniversary of diplomatic relations between the two nations,” Al Dhaheri stated. “The process of cooperation relations culminated with the signing of the Comprehensive Economic Partnership Agreement.”
The Emirati diplomat stated the partnership settlement displays the keenness of the UAE and Türkiye to increase their cooperation. “The agreement will stimulate trade and investment exchange and joint economic growth and enhance the quality of life for the two friendly peoples,” he stated.
“It will also establish a real development partnership, build common interests, and consolidate stronger strategic relations between the two countries,” he added.
The UAE envoy famous that the partnership settlement “will contribute to launching a new path of joint growth and mutual opportunities.”
The official WAM news company reported the pact goals to get rid of or scale back customs duties on 82% of products and merchandise, accounting for over 93% of non-oil commerce.
Non-oil exchanges between the 2 international locations reached practically $19 billion final 12 months, up 40% on the earlier 12 months and 112% from 2020, WAM stated.
Türkiye is now the UAE’s sixth-largest buying and selling associate for non-oil commerce.
“The agreement will further enhance trade and investment between the UAE and Türkiye. Positive results are expected to be felt shortly following implementation.”
Solid base
The ambassador stated the partnership settlement would construct a stable and clear financial base between the 2 international locations.
“It will also provide new qualitative advantages for the business communities and the private sector in the two countries, as it builds on the growth and prosperity achieved in trade and investment exchange between the two countries.”
According to the envoy, the settlement will present over 100,000 jobs in Türkiye and about 25,000 within the UAE.
“It will facilitate and accelerate the process of trade exchange between the two countries,” he stated.
“This agreement will also open new markets for exporters from both countries. It will benefit the owners of large and small projects simultaneously.”
The UAE diplomat added that the settlement successfully strengthens the commerce and funding partnership between the UAE and Türkiye.
“It is a new important step in efforts to expand the network of commercial partners for both the UAE and Türkiye, which was the fastest growing trade partner to the UAE in 2022,” the ambassador stated.
Ratification of the deal is predicted within the second quarter of 2023, with implementation to observe quickly after.
The CEPA is predicted to give attention to strategic sectors comparable to agritech, meals safety, clear power, and continued cooperation on building and actual property initiatives.
President Recep Tayyip Erdoğan stated the settlement would take financial and commerce relations between the 2 international locations to a brand new part.
MBZ stated the settlement “builds on our longstanding ties to deliver further growth, opportunity & stability for our countries & people.”
Ankara and Abu Dhabi have moved to place years of tense relations behind them, opening the doorways to a brand new part in bilateral relations marked by deeper financial cooperation after a years-long dispute.
President Recep Tayyip Erdoğan paid a return go to to the UAE in mid-February, after a visit by MBZ to Ankara in late November 2021 that marked a major transfer towards overcoming disputes.
Source: www.dailysabah.com
