#UAE, #Turkey Agree to Double Trade Up to $45 Billion as Ties Warm - Bloomberg

UAE, Turkey Agree to Double Trade Up to $45 Billion as Ties Warm - Bloomberg

The United Arab Emirates and Turkey signed off on a pact that the Gulf state said could more than double bilateral trade volumes to between $40 billion and $45 billion within the next five years.

The comprehensive deal, an outline of which was announced last year, was finalized in Abu Dhabi Friday during a visit by Turkish Trade Minister Mehmet Mus. The agreement includes slashing 82% off tariff fees between the two countries, Thani Al Zeyoudi, the UAE’s minister of state for foreign trade, said in an interview.

The trade announcement builds on a defense-industry cooperation agreement and a series of economic accords signed in 2022 after Turkish President Recep Tayyip Erdogan visited the Gulf nation. That marked a significant development in the healing of relations between two traditional foes, which have clashed over a number of issues including Islamist groups’ involvement following the Arab Spring and the Libyan Civil War in 2011.

The trade accord is focused on sectors including agritech, clean energy, logistics and construction, among others, he said.