UAE, Turkey launch CEPA talks, aim to double bilateral trade
CEPA will also help build certainty of economic recovery at a time when the world faces immense challenges ranging from growing food price volatility and soaring inflation to supply chain disruption. and the lingering impact of the global pandemic.
“Our ambitious trade agreement with Turkey will bring huge benefits to UAE businesses, investors, entrepreneurs and consumers,” Al Zeyoudi said. “By reducing customs tariffs, promoting the free movement of goods, facilitating capital flows and reducing trade barriers, we will make it easier than ever to do business with Turkey and vice versa. Together we will explore new opportunities in aviation, tourism, logistics, infrastructure, food security, renewable energy and 4IR technologies.
“This is an important step in our progressive trade agenda that will help double the size of our economy and lay the foundation for the next 50 years of growth and prosperity.”
The first round of negotiations began on April 26 in Istanbul and significant progress is expected to be made as the UAE aims to conclude an unprecedented eight CEPAs this year.
Turkey is the UAE’s seventh largest trading partner. In 2021, non-oil trade reached $13.7 billion, up 86% from pre-pandemic levels in 2019.