A new era with the UAE… Minister Muş announced: The goal is 15 billion dollars

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Trade Minister Mehmet Muş and UAE Minister of State for Foreign Trade Thani Bin Ahmed Al Zeyoudi held a press conference within the framework of the “Turkey-UAE Comprehensive Economic Partnership Agreement “. Stating that with the Comprehensive Economic Partnership Agreement, Turkey and the UAE will have the opportunity to develop their trade and economic relations more comprehensively and in depth, Minister Muş said: “Our visits to Abu Dhabi and in Dubai in February under the auspices of our President, as part of our cultural, political and economic relations with the United Arab Emirates. “The doors of a new era have opened wide. These contacts also formed the basis of the Comprehensive Economic Partnership Agreement negotiations that we have started here. The UAE is currently Turkey’s largest trading partner in the Gulf region, with a bilateral trade volume of $8 billion.”

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“THE NUMBER OF NEW UAE INVESTMENTS AND BUSINESS COLLABORATIONS IN OUR COUNTRY IS INCREASE SIGNIFICANTLY”

Stating that many Turkish companies have accomplished successful work in the UAE, Minister Muş said: “The public companies and subsidiaries of the Emirates operate efficiently in different sectors of our country, and the number of new investments and business cooperations of United Arab Emirates in our country is growing exponentially. In light of these developments, we are not just negotiating a classic free trade agreement dealing with trade in raw materials, but, as the name suggests, we are striving to implement a next-generation agreement model compatible with the global trade dynamics of tomorrow. The world economy is going through a difficult period. In this period, trade protectionism, pandemics and regional tensions are undermining the dynamics world and cause deep wounds to international trade.

“WE ARE WATCHING THE UAE BECOME A GLOBAL PLAYER IN MANY SERVICE SECTORS”

Emphasizing that the importance of commercial diplomacy has been reaffirmed in this process where prevailing rules and regulatory practices in global trade are challenged and where the tide of regionalization is widening, Minister Muş said: “In this difficult process, Turkey managed to jump the ladder in Indeed, in 2021, for the first time in our history, our share in world trade is 10%. We managed to surpass 1 and increase our exports to over $225 billion. I believe that in this success achieved in such a challenging environment, the business integrations we have built in the past have served as an anchor and played an important role in our positive differentiation. On the other hand, Turkey and the UAE today “With the completion of the negotiations undertaken as soon as possible, it will become more resistant to risks and cyclical tests. Recently, we have seen that the United Arab Emirates has become a global player in many service sectors such as finance, tourism, aviation and technical consulting.”

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“WE CAN REACH THE BILATERAL TRADE VOLUME TARGET OF $15 BILLION IN A SHORT TIME”

Stating that they follow with great satisfaction the rapid development of the Emirates in these sectors, Minister Muş said: “We look forward to the completion of the negotiations on the Comprehensive Economic Partnership Agreement, and we will look forward to the Turkey and the United Arab Emirates add new cooperations at a much more advanced level to their existing successes.On the other hand, with the entry into force of the said agreement, we will be able to achieve the goal of a volume of bilateral exchanges of 15 billion dollars, which we approached in 2017, in a short time. Again, with the implementation of this agreement, it will be possible to carry out new investments and projects in areas where it is essential to catch up with global trends such as renewable energy, electric transportation and transportation, and software.

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Minister Muş concluded his remarks as follows: “With joint efforts, it will be more possible for the Turkish and Arab business communities to prepare for the waves of transformation in the global economy. I would like to reiterate that I am very pleased to announce the start of negotiations of the Comprehensive Economic Partnership Agreement between Turkey and the United Arab Emirates with my esteemed colleague. I sincerely believe that well-founded cooperation between our countries will always open important doors for us both bilaterally and regionally.

“BOTH PARTIES MUST WIN AGREEMENTS”

Expressing satisfaction with the start of negotiations of the UAE-Turkey deal, Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said: “We have started working to make significant breakthroughs.We have made an effort with all countries in the world under the Partnership Agreement.With the Comprehensive Economic Partnership Agreement, we aim to increase industry and investment in the period to come and make the best use of human and other resources, whether human or financial. The world has just recovered from the Covid, we are about to open new horizons for new partnerships. This partnership agreement shows that the UAE will evolve towards a more resilient economy.

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Both parties should benefit from the agreements. Turkey is an important partner in this regard, and it has made great progress in the last period. We continue our efforts for stability and to ensure regional peace. Relations between Turkey and the UAE are promising. The volume of bilateral trade between the two countries has increased significantly in 2020 compared to 2019, and if we look at the 2020 figures of the UAE, there is an investment of 5 billion dollars in Turkey, we can increase them with the cooperation. With the partnership agreement, we can increase these numbers. I hope the cooperation between the two countries will further intensify,” he said.

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