UAE-Turkey CEPA to usher in a new era in bilateral relations

 

In early March, an extensive economic partnership agreement was signed between the UAE and Turkey, aimed at boosting trade. This comprehensive deal has officially taken effect as of Friday, following the successful completion of internal approval processes, as reported by Anadolu Agency (AA).

Additionally, beyond the CEPA, the two nations have recently strengthened their economic ties even further by entering into several agreements during President Recep Tayyip Erdogan’s visit to the Gulf country in July. These agreements are estimated to have a total value of $50.7 billion.

As this promising economic partnership agreement becomes operational, it heralds a new era for economic relations between the UAE and Turkey. This agreement is anticipated to substantially increase the bilateral trade volume and mutual investments, aligning with their shared expectations and interests.

In 2022, Turkey’s foreign trade volume with the UAE, its largest trading partner among Gulf nations, reached nearly $10 billion, reflecting remarkable figures that foreshadow a bright future for the UAE-Turkey bilateral relationship.