President Recep Tayyip Erdogan on On Tuesday, he underscored what he said was a firm will on the part of Turkey and the United Arab Emirates (UAE) to further strengthen their bilateral relationship.
Erdogan has arrived in the bucket on monday like countries pivot to economic cooperation with a storm of agreements during son first visit to the Gulf State since 2013.
“Our mutual goal is to take our bilateral relations to a much higher level higher level,” said the president during a meeting with investors in Abu Dhabi, particularly highlighting a strong common desire to boost investment relations.
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.
“I believe that as countries which complement each other economically, we will cover a significant part distance in shortly,” Erdoğan said.
“Turkey has extremely attractive legislation on To do business and invest.”
Erdogan met The de facto ruler of the United Arab Emirates, the Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan, who visited Ankara last November when the investment agreements worth Billions of dollars were signed.
The two leaders oversaw the signing of 13 chords on Monday, including on tradeindustry, defense, health and medical sciences, land and maritime transport and climate action.
“During this visit, we aim to build on the momentum we have captured with the United Arab Emirates and to take the necessary measures steps for takeaway links back at the level they deserve,” Erdoğan told reporters at Istanbul’s Atatürk Airport before son departure.
“The dialogue and cooperation of Turkey and the United Arab Emirates carry great importance for peace and stability of all our region,” he added.
Talks on investment trade agreement
The United Arab Emirates and Turkey signed a joint statement on start negotiations for a bilateral trade and investment agreement, known as the Economic Partnership Agreement global (CEPA), the Emirati States news said the WAM agency.
Emirati minister of State for Foreign trade Thani Al Zeyoudi told Reuters the UAE was waiting trade with Turkey is expected to increase significantly once the CEPA comes into effect which it hoped the two sides could finalize by six month to one year.
Last month the two countries Okay on a nearly $5 billion swap deal in local currencies.
Erdoğan said that during his visit, Turkey and the United Arab Emirates will seek to strengthen bilateral relations trade and look for opportunities in “the complementary structures of both countries”savings”.
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.