Turkey and the United Arab Emirates (UAE) are expected to forge new Agreements on new steps to enlarge their trade as President Recep Tayyip Erdoğan is due to visit Abu Dhabi again, reflecting continued warming of bilateral ties.
Having moved to put years of tight relationships behind them, Turkey and the UAE have opened the doors to a new phase in bilateral relations marked by deep economic cooperation after a break of several years.
A trip by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan (MBZ) to Ankara in end of November marked an important milestone move to overcome differences, while Erdoğan’s return visit on Monday and Tuesday are said to symbolize a turning point in the links.
They say the journey add to nearly a dozen cooperation agreements signed during the visit of the Crown Prince, who was son first official trip to Turkey since 2012 and the highestlevel visit by an Emirati official since the relationship between the two countries hit a bottom.
The agreements have been made on technologyenergy, trade and environment also included agreements allowing direct investment and cooperation between the two countries’ stock exchanges and central banks.
The bucket also allocated a fund of 10 billion dollars to support mainly strategic investments in Turkey. The fund will focus on strategic investments, including in the energy and health sectors. Erdoğan said the agreements would herald a “new time” in ties.
Travel to Dubai
Erdoğan will hold talks in Abu Dhabi on Monday before moving to Dubai on Tuesday, where he is expected to attend the Turkish National Day ceremony to be held as part of of Expo 2020 Dubai.
Accompanied by a large delegation, he is also should meet with business people in Dubai.
He will be accompanied by the Vice President of the United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum, who is also Rule of the emirate of Dubai.
Turkey participates in the exhibition, the first world fair held in Middle East, with a pavilion that was set up with the theme “Creating the future from ground zero of Civilizations.
Held under the banner ‘Connecting Minds and Creating the Future’, Expo 2020 Dubai has been delayed for a year due to the COVID-19 pandemic. It opened its doors to exhibitors of nearly 200 countries on October 1st last year and will end at the end of March.
Team with the latest technologiesThe Turkey pavilion offers visitors a chance embark on a trip that throws light on the beauty export products, technology, nature, unique history and cultural wealth of the country.
Top regional trading the partners
Turkey and the United Arab Emirates remain crucial regional trading the partners.
Their bilateral trade the volume had reached nearly 15 billion dollars in 2017, the highest level never before declining as relations grew strained.
Revenue fell to $6.9 billion per year later, before rebounding to nearly $7.9 billion in 2019, according to data from the Turkish Statistical Institute (TurkStat). Volume increased further to $8.3 billion in 2020 despite the coronavirus pandemic, before dropping slightly to $7.6 billion last year.
Turkey and UAE changed roles when it comes to recording a surplus in their exchange. Turkey’s exports to the country had hit a record absolute of nearly $9.2 billion in 2017, compared to imports worth $5.5 billion.
However, Turkey recorded a trade deficit in the following years, before reversing the trend again last year.
Its exports had totaled $3.14 billion, $3.52 billion and $2.72 billion in 2018, 2019 and 2020, respectively, compared to imports of $3.78 billion, $4.34 billion and $5.57 billion, according to the data.
Turkey exported about $5.2 billion worth of goods in UAE last year and purchased nearly $2.4 billion worth of country products.
$1.8 billion of unused potential
There are approximately $1.8 billion of potential that has not yet been weighed on in Turkey’s exports to the country, said Tevfik Öz, the head of the Foreign Economic Relations (DEIK) Turkey-UAE Business Council, citing Trade Center calculations international (ITC).
The recent warming of links reflect quickly on trade and economic relations, Öz told Anadolu Agency (AA). He pointed out that a long period of stagnation has been replaced by a new time in what business activities, investments and trade are gaining momentum again.
Dubai Expo Turkey Commissioner Mükerrem Aksoy highlighted the many meetings with BAE companies and grand interest of businessmen in the flag of Turkey since it was set up in October.
“Turkey’s involvement in Dubai Expo is very important for our relationships with the UAE and our mutual trade volume,” Aksoy told AA, highlighting beliefs that the trade turnover between the two countries go quickly rise at $10 billion.