Categories: News

UAE is preparing four agreements to connect its economy with more than 10% of the world economy

The signing of the Comprehensive Economic Partnership Agreement (CEPA) with the Republic of Türkiye is the culmination of diplomatic ties spanning more than 50 years, and the continuation of trade growth and momentum of economic cooperation between the two countries according to Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.

Türkiye was the sixth-largest trading partner of the UAE in 2022, showing a 40% increase over 2021 in non-oil international trade, reaching US$18.9 billion last year.

Dr. Al Zeyoudi stated that the CEPA between the UAE and Türkiye will result in the removal of tariffs from 83 percent of the commodities in the two nations as well as the liberalisation of non-oil trade for 93 percent of the commodities. He also said that the CEPA will help the two nations open up new markets in the areas of food security, agriculture, financial technology, telecommunications, logistics, renewable energy, and real estate.

In addition to creating over 25,000 jobs in the UAE by 2031, especially in the skilled labour sectors, he noted that the volume of trade exchange between the two nations is anticipated to increase to over US$40 billion annually within five years. During the subsequent stage, it is anticipated that the UAE’s exports to Türkiye will increase by 20%.

Aspire Magz

Recent Posts

Artistree’s Global Vision, Art, Education, and Impact

What began as a childhood fascination with colour and form for Shivani Virani, has now…

1 year ago

Shunyam Wellness is boldly redefining accessible wellness and inspiring a movement in the heart of Dubai

Driven by passion and a deep-rooted belief that true well-being should not be confined to…

1 year ago

My Food Story unveils the authentic power of food diplomacy in Dubai, inspiring global connections

In a city as vibrant as Dubai, where food is a universal language, My Food…

1 year ago

Saudi Arabia’s Golden Goal: FIFA 2034 spearheads Vision 2030, redefining the Kingdom’s global future

Beyond the theatrics of the show-stopping mega event, FIFA 2034, is a deeper strategy at…

1 year ago

Multi-Generational Family Enterprises: The Backbone of the Gulf

They are big, influential, and deeply woven into the Gulf’s economic fabric. The big question…

1 year ago

The Rise of the ‘She-Economy’: How women are boldly reshaping the Middle East’s entrepreneurial landscape

How is this young, digitally-driven region gearing for its globally competitive startup economy and the…

1 year ago

This website uses cookies.