REPRESENTATIVES from the Türkiye and the United Arab Emirates (UAE) signed the Comprehensive Economic Partnership Agreement (CEPA) which Turkish President Recep Tayyip Erdoğan described as “historical.”
The deal will help in increasing non-oil bilateral trade to $40 billion every year within the next 5 years and create 25,000 new jobs by 2031.
Both countries also aim to increase their bilateral trade volume to $25 billion in the next 5 years through the said deal.
At present, the volume of mutual trade between the countries stands close to some $8 billion annually.
The UAE is the 10th largest overseas market for Turkish contractors while Türkiye is UAE’s sixth largest commercial partner for non-oil trade.
Diplomatic relations between the two countries have soured over differing attitudes to the Egyptian crisis during the Arab spring, but their ties improved recently after both countries chose to reconcile and prioritize strategic concerns like regional stability.
