Trade agreement between Türkiye and UAE enters into force

2023-08-31 15:26:00 | Last Update : 2023-08-31 15:35:02

The "Comprehensive Economic Partnership Agreement" (CEOA) between Türkiye and the United Arab Emirates (UAE) will enter into force on Friday. While a trade volume of 25 billion dollars is targeted in 5 years, the agreement also covers services in which Türkiye is strong.

Trade agreement between Türkiye and UAE enters into force
zoom in photo
Share Photo

The trade agreement between Türkiye and the United Arab Emirates (UAE) enters into force. With this agreement, the trade volume of the two countries is aimed to reach 25 billion dollars within five years, the Turkish Trade Ministry announced.

The "Comprehensive Economic Partnership Agreement (CEPA)" between Türkiye and the UAE, whose approval processes have been completed, will enter into force tomorrow.

According to the statement made by the Ministry of Trade, the internal approval processes of the agreement signed on March 3, 2023, in the presence of Turkish President Recep Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan were completed with the decisions in the Official Gazette today.

With the agreement, which will enter into force in both countries as of tomorrow, 80 percent of all tariff lines were included in the scope of concessions by the parties within the scope of market access in goods trade.

Significant gains were achieved in many sectors in which Türkiye is globally competitive, including automobiles, commercial vehicles, white goods, petrochemical products, textiles and carpets, footwear, plastic products, machinery, and various electronic devices.

The agreement is also important in terms of achieving expansions towards third countries, especially through new co-operations to be established with the countries in the region. This agreement is expected to contribute firstly to the increase in regional trade and then to the global value chains with new productions and projects to be developed jointly.

Source: Anadolu Agency

WARNING: Comments that contain insults, swearing, offensive sentences or allusions, attacks on beliefs, are not written with spelling rules, do not use Turkish characters and are written in capital letters are not approved.