Abu Dhabi, UAE – President Recep Tayyip Erdogan of Turkey’s visit to the UAE today marks the fifth in a series of summits and meetings that have strengthened the comprehensive partnership between the two countries.
Abu Dhabi is last stop in Erdogan’s Gulf tour that included Saudi Arabia and Qatar. Turkish president is looking for investment to revive Turkey’s economy which has struggled with a weakened lira, heavy deficits and chronic inflation.
Saudi Arabia agreed on Tuesday to buy Turkish drones in the biggest defence contract in Turkey’s history.
The leaders of the UAE and Turkey have demonstrated their commitment to fostering a strong partnership over the past two years.
The UAE and Turkey have signed numerous strategic agreements and memoranda of understanding (MoUs) to boost bilateral cooperation across various sectors, including the economy, security, environment, and technology.
In November 2021, the two countries signed several agreements and MoUs, covering areas such as financial intelligence, investment, energy, banking, customs, and the environment. These agreements aimed to strengthen economic ties and facilitate cooperation between the two countries.
In February 2022, the UAE and Turkey exchanged 13 cooperation agreements, MoUs, and protocols to expand partnerships in areas like investment, health, agriculture, transportation, industries, advanced technologies, climate action, culture, and youth.
The Comprehensive Economic Partnership Agreement (CEPA), signed in March, has further enhanced bilateral economic collaboration. The CEPA sets the stage for increased non-oil intra-trade, job creation, and a significant boost in UAE exports to Turkey.
The CEPA, ratified by both governments, eliminates or reduces customs duties on a significant portion of goods and products, facilitating market access and enhancing trade. It aims to surpass US$40 billion in non-oil bilateral trade within five years and encourages investments in key sectors such as logistics, e-commerce, food security,
In 2022, non-oil trade between the UAE and Turkey reached nearly $19 billion, reflecting a substantial increase from previous years. Turkey has emerged as one of the UAE’s fastest-growing trade partners.
The UAE’s recent hosting of Turkey as the guest of honor at the Abu Dhabi International Book Fair 2023 and the active participation of Turkey in Expo 2020 Dubai further showcase the deepening cultural exchanges between the two countries.
Prominent Emirati companies, including ADQ Holding, Emirates NBD Bank, Emaar Properties, International Holding Company (IHC), the Abu Dhabi Investment Authority (ADIA), and Mubadala Investment Company, have made substantial investments in Turkey, contributing to the strengthening of economic ties.