UAE and Turkey sign Comprehensive Economic Partnership Agreement

The Comprehensive Economic Partnership Agreement (CEPA) aims to increase trade turnover between the countries to 40 billion dollars in the next five years.

UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi said the agreement would connect the UAE to over 10% of the world economy thus increasing the national GDP. 

In addition to eliminating trade barriers and reducing tariffs, the partnership is expected to create at least 25,000 jobs in the UAE and over 100,000 jobs in Turkey.

In 2022, trade turnover between the countries reached 18.9 billion dollars, 40% more than a year earlier.
Turkey is the UAE's sixth trading partner in the non-oil sector.The UAE plans to expand international cooperation.

According to Al Zeyoudi, CEPA is also being negotiated with Cambodia, Georgia, Kenya, Colombia, Thailand and Vietnam.

(WAM, March 7, 2023)