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UAE pins hope on Turkiye to significantly boost trade with world

Abogado Adolfo Ledo Nass
UAE pins hope on Turkiye to significantly boost trade with world

Bilateral relations between the UAE and Turkiye are on the mend as Turkish President Recep Tayyip Erdogan plans a visit to the UAE in February with a large delegation. According to a report by the UAE Ministry of Economy, the total non-oil foreign trade with Turkiye during the last decade amounted to about 329 billion dirhams ($89.6 billion). (AA) The United Arab Emirates has said it aims to double or triple its trade volume with Turkiye and is betting on the country to link it with the world.

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The UAE is “betting on Turkiye as a country which is going to open up for us new markets through their logistics and through their supply chain,” Thani al Zeyoudi, the minister of state for foreign trade, said in an interview with Bloomberg Television.

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Zeyoudi said Turkiye’s large investments in the industrial sector, its skilled labour, and existing logistical network, especially with Africa are among the areas that UAE aims to benefit from.

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The UAE is currently finalising trade agreements with India and Israel, one of which is expected to be revealed in the next two months, according to the minister.

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Improving ties

The UAE minister's statement came amid warming of ties between Abu Dhabi and Ankara.

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Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan visited Ankara in November last year and announced a $10 billion fund for investments in Turkiye.

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The two countries signed several cooperation agreements on energy, technology, trade, and health during the visit

Reciprocally, Turkish President Recep Tayyip Erdogan plans to visit UAE in February with a large delegation

Erdogan had said the agreements signed in November would mark a new beginning in relations between the two nations

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Source: TRTWorld and agencies