Türkiye targets $40B trade volume with UAE in five years

Türkiye Aims to Raise Trade Volume with UAE to $40 Billion in Five Years

Türkiye aims to increase its trade volume with the United Arab Emirates to 40 billion dollars (TL 1.39 trillion) in five years, Trade Minister Ömer Bolat said Wednesday when he received the Dubai delegation at the ministry.

“Our main goal is to increase our trade volume to $40 billion in 5 years within the scope of the bilateral Trade and Comprehensive Economic Partnership Agreement (CEPA),” Bolat said in a post on X.

He said they hosted a delegation led by Mohammed Ali Rashid Lootah, chairman of Dubai Chambers, one of Dubai’s largest economic development bodies, at the ministry.

The bilateral trade volume between Türkiye and the United Arab Emirates will exceed 20 billion dollars in 2023, which represents a 107% increase over the previous year, the minister said.

The Comprehensive Economic Partnership Agreement (CEPA) between the two countries was signed in March last year and came into force in September of the same year. The deal is thought to give major advantages for easing trade and boosting collaboration in industries like services, in addition to delivering advantages for investment.

Due to friendly relations with Ankara, Saudi Arabia, and the UAE in general, commerce with the United Arab Emirates, one of Türkiye‘s most significant trading partners in the Gulf, has recently accelerated.

Türkiye and the UAE signed 13 agreements covering investments worth $50.7 billion last July when President Recep Tayyip Erdogan visited as part of his Gulf tour.

“Türkiye and the UAE have the potential to establish new partnerships in various sectors, especially in energy, defense, automotive, durable goods, pharmaceuticals and green and digital industries,” Bolat said.

“Our Turkish and UAE companies and business communities are in a position to contribute significantly to deepening our bilateral cooperation and achieving our business goals, thanks to the proactive role they play,” he added.

“Strengthening cooperation between Türkiye and the UAE in various areas will contribute to creating important opportunities in our bilateral relations and at the regional level.”