UAE, Turkey Agree to Double Trade Up to $45 Billion as Ties Warm

UAE, Turkey Agree to Double Trade Up to $45 Billion as Ties Warm

The United Arab Emirates and Turkey signed off on a pact that the Gulf state said could more than double bilateral trade volumes to between $40 billion and $45 billion within the next five years.

The comprehensive deal, an outline of which was announced last year, was finalized in Abu Dhabi Friday during a visit by Turkish Trade Minister Mehmet Mus. The agreement includes slashing 82% off tariff fees between the two countries, Thani Al Zeyoudi, the UAE’s minister of state for foreign trade, said in an interview.

The trade accord is focused on sectors including agritech, clean energy, logistics and construction, among others, he said. 

Mus’s trip marks the first oversees visit by a senior Turkish official since the devastating earthquakesthat hit parts of Turkey and Syria in February. Aid or other assistance by the UAE wasn’t included in the announcement.

On top of a $4.9 billion currency swap agreement with Turkey last year, the UAE pledged billions of dollars worth of investments in Turkey through government-affiliated entities.

Bilateral trade between the two countries reached almost $19 billion in 2022, Al Zeyoudi said