Friday, March 3, 2023 – 9:48 PM
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Thani Al-Zeyoudi: 4 agreements linking the UAE economy with more than 10% of the global economy.
– $18.9 billion of UAE non-oil trade with Turkey in 2022.
– 40% growth in UAE trade with Turkey last year.
Turkey is the sixth trading partner of the UAE among the top 10.
The comprehensive economic partnership agreement between the UAE and Turkey witnesses the liberation of 83% of goods in the two countries.
More than $40 billion annually, expected trade exchange between the two countries within 5 years
Providing more than 25,000 jobs in the two countries by 2031
-20% expected growth of UAE exports to Turkey during the next stage.
Ratification of the Comprehensive Economic Partnership Agreement within six months.
– 4 agreements that open up markets for the UAE that reach more than 2.2 billion people.
The growth of UAE exports by more than $120 billion in 10 years
Completion of two new agreements with Cambodia and Georgia within a month.
– Plans to expand in Africa and South America.
From Ahmed Al Nuaimi.
ABU DHABI, 3rd March, WAM / His Excellency Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, affirmed that the signing of the Comprehensive Economic Partnership Agreement with the Republic of Turkey is the culmination of diplomatic relations extending for more than 50 years of brotherhood and the continuation of the momentum of economic cooperation and trade growth, as Turkey is the trading partner. The country is sixth among the UAE’s top 10 trade partners in 2022, with a growth of 40% compared to 2021, and non-oil foreign trade figures between the two countries amounted to $18.9 billion last year.
His Excellency added that the comprehensive economic partnership agreement between the UAE and Turkey witnesses the liberation of 83% of the commodities in the two countries, in addition to the liberation of 93% of the commodities currently in non-oil trade exchange, as well as the opening of a new market for the two countries in sectors such as food security, agriculture, financial technology, communications and logistics. Renewable energy and participation in the real estate sectors that characterize the two countries.
He pointed out that the volume of trade exchange between the two countries is expected to grow to more than $40 billion annually within five years, in addition to job creation, especially in the skilled sectors, with more than 25,000 new job opportunities until 2031, in addition to the growth of UAE exports. 20% during the next stage with the Republic of Turkey.
His Excellency pointed out that the comprehensive economic partnership agreement between the UAE and Turkey is expected to be ratified within six months.
His Excellency said that the signing of the fourth agreement with Turkey today, following India, Indonesia and Israel, opens up markets for the UAE that reach more than 2.2 billion people, including the Arab trade agreement that was signed more than 15 years ago, with the continuation of the economic and commercial work of the UAE and the expansion in global markets. .
He said that the four agreements are expected to contribute to the country’s gross domestic product by more than 2.6% by 2031, which will enhance the growth of UAE exports with an additional value of more than $120 billion over the next 10 years, which will open more economic and trade opportunities, indicating that following signing the agreement with Turkey The UAE’s economy is linked to more than 10% of the global economy, ensuring openness and significant expansion of the UAE’s economy.
On the UAE’s future plans within the plans for comprehensive economic partnerships .. His Excellency Thani Al-Zeyoudi said that the UAE is moving at an accelerated pace and we are in the process of finalizing two new agreements with Cambodia and Georgia within the next 3 to 4 weeks, in addition to the completion of two agreements with Kenya, where 85% of the terms of the agreement have been agreed upon. Which also represents an important gateway to Africa, in addition to an agreement with Colombia, in which negotiations were postponed following the elections, as the agreement file will be opened soon.
His Excellency added that the UAE aims to expand within the comprehensive economic partnership agreements with ASEAN countries, and negotiations have begun with Thailand and Vietnam, indicating that there are plans to expand in Africa and South America, which would open a large market for the UAE’s trade worldwide.
He pointed out that the UAE is in the process of starting comprehensive economic partnership agreements with two economic blocs with the Eurasian region, where negotiations will begin next week and be completed within 6 months, in addition to negotiations with the State of Ukraine during the month of April.
He said that the program of comprehensive economic partnership agreements contributes to strengthening the concept of the World Trade Organization that openness and diversification and the promotion of global trade exchange opens up intangible opportunities represented in attracting investments, minds and high skills and opening new markets for many investments and diversifying them, which gives strength and flexibility to economies that follow the open approach. Pointing out that the national economy is witnessing significant growth in light of the great balance between exports and imports and the large increase in exports, which reflected that the trade index is growing positively.
Abdel Nasser Moneim / Ahmed Al-Nuaimi
