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UAE and Turkey Sign Historic Trade Agreement, Offering 82% Reduction in Customs Duties

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The recovery of relations between Turkey and the UAE has recorded an acceleration led by trade performance within two years, and Abu Dhabi said that the volume of this trade will more than double to $40-45 billion over the next 5 years.

The United Arab Emirates and Turkey signed an agreement last Friday, and the two countries have finalized the details of a Comprehensive Trade Agreement that provides the two countries with a trade relationship that includes significant tax breaks and incentives in their mutual trade.

The Comprehensive Trade Agreement includes an 82 percent reduction in customs duties between the two countries, making Ankara a clear beneficiary of the agreement as a major exporter of goods to the UAE.

The signed trade agreement also covers sectors such as agricultural technology, clean energy, logistics and construction.

In addition to a $4.9 billion currency swap deal with Turkey last year, the UAE pledged to invest billions of dollars in Turkey through government entities.

Turkey and the UAE have two new economic development patterns that have been accelerating since the start of the current millennium, as evidenced by GDP growth data from both countries.

Trade in non-oil goods

Statistics Turkey data showed that exports of goods to the UAE approached the level of $5.5 billion, in line with the level recorded for exports of goods from Turkey in 2021.

While Turkish imports of Emirati or non-oil goods from the UAE rose to $4.5 billion from $2.44 billion in 2021.

In turn, UAE Minister of State for Foreign Trade Thani Al-Ziyadi said that bilateral trade between the two countries (export, import, re-export) in 2022 amounted to approximately $19 billion.

Source: Anatolia

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