TURKEY AND UAE SIGNED FREE TRADE DEAL CAN BUILD A STRONG RELATIONSHIP.
According to the president of the Gulf nation, Turkey and the oil-rich United Arab Emirates signed a free trade agreement on Friday, marking the most recent step towards mending long-strained relations caused by regional conflicts.
The accord for Turkey comes as President Recep Tayyip Erdogan continues with contentious economic measures that have scared away many foreign investors ahead of elections on May 14.
The friendship between the UAE and Turkey is strengthened with the signing of the Comprehensive Economic Partnership Agreement with my buddy @RTErdogan, according to Emirati President Sheikh Mohamed bin Zayed Al-Nahyan. The agreement "builds on our long-standing ties to offer additional progress, opportunity, and stability for our countries and our people," he said.
Mehmet Mus, the minister of trade for Turkey, was present at the signing in Abu Dhabi as Prince Mohammed and Erdogan held a video summit. According to the official WAM news agency, the agreement aims to abolish or reduce customs charges on 82 percent of goods and products, which account for more than 93 percent of non-oil commerce.
According to WAM, non-oil trade between the two nations reached $19 billion last year, an increase of 112 percent from 2020 and a 40% increase over the previous year.
The pact is anticipated to help boost bilateral non-oil commerce to $40 billion yearly within five years and provide 25,000 new employment possibilities by 2031, according to the news agency.
Turkey and the UAE have fought over topics such as gas extraction in the eastern Mediterranean and supported opposing sides in regional crises.
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