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Turkey and the United Arab Emirates (UAE) recently signed several agreements to build economic bridges after a rift when President Recep Tayyip Erdogan, on a trip to the UAE, touted Turkey’s investment advantages to business representatives there. “Turkey provides very important advantages for investors looking for alternatives to Asia-centered production areas,” he said.
Erdogan and the UAE crown prince oversaw the signing of 13 agreements, including on trade, industry, defense, health and medical sciences, land and sea transportation and climate action. Erdogan called on business leaders in the UAE to invest in Turkey.
Both the countries signed a joint statement on starting negotiations for a bilateral trade and investment deal, known as a Comprehensive Economic Partnership Agreement (CEPA), according to a news agency in the Emirates.
Turkey and the UAE recently signed several agreements to build economic bridges after a rift when President Recep Tayyip Erdogan, on a trip to the UAE, touted Turkey’s investment advantages to business representatives there. “Turkey provides very important advantages for investors looking for alternatives to Asia-centered production areas,” he said.
About 400 Emirati companies operate in Turkey, the UAE’s 11th largest trading partner, WAM said.
Their bilateral trade volume had reached nearly $15 billion in 2017, the highest level ever, before declining as relations strained. The turnover dropped to as much as $6.9 billion a year later, before rebounding to nearly $7.9 billion in 2019, according to the Turkish Statistical Institute (TurkStat).
The volume rose further to $8.3 billion in 2020 despite the coronavirus pandemic, before dropping slightly to $7.6 billion last year.
Turkey’s exports to the country had hit an all-time high of nearly $9.2 billion in 2017, compared to imports worth $5.5 billion. However, Turkey registered a trade deficit in the following years, before it reversed the trend again last year.
Fibre2Fashion News Desk (DS)
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