Saudi Arabia: According to Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, the UAE will gain access to new markets with a combined population of more than 2.2 billion people by signing its fourth CEPA with Turkey, in addition to those signed with India, Indonesia, and Israel. This includes the Greater Arab Free Trade Area Agreement, which was signed more than 15 years ago.
By 2031, four bilateral agreements will enhance the nation’s GDP by more than 2.4%, boosting UAE exports by an additional $120 billion over the next ten years. Dr. Al Zeyoudi noted that after the deal with Turkey is signed, the UAE’s economy will be connected to more than 10% of the world economy, which will increase economic and trade opportunities.
According to the Minister, Turkey was the UAE’s sixth-largest trading partner in 2022, with non-oil foreign trade totaling $18.9 billion in the previous year. This represents a growth of 40% from 2021.
Dr. Al Zeyoudi continued by saying that the CEPA between the UAE and Turkey will result in the removal of tariffs on 83% of the items traded between the two nations. Additionally, this will assist the two nations open up new markets in industries like agricultural, financial technology, telecommunications, logistics, renewable energy, and real estate.
According to the Minister, Turkey ranked as the sixth-largest trading partner of the UAE in 2022, with non-oil foreign trade reaching $18.9 billion.
March 2023, CryptoniteUae
