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Turkey, UAE Finalising Agreement to Boost Intra-Trade

TURKEY
  • The UAE Minister of State for Foreign Trade has said the UAE and Turkey are steadfast in finalising procedures related to their Comprehensive Economic Partnership Agreement (CEPA) as its enforcement date draws near, according to Emirates News Agency.
  • The two countries had officially ratified the agreement at the end of May 2022.
  • The Minister stated that according to the approved timeframe, the CEPA would come into effect in early September, adding that it aims to stimulate the non-oil intra-trade between the two countries from the current total of $18b to over $40b annually within the next five years.
  • Turkish President Erdogan visited the UAE today on the final leg of his 3-day tour of the Gulf nations. He met with his UAE counterpart where the two sides discussed exporting electricity to Turkey and boosting cooperation in renewable energy. A Turkey-Saudi investment forum will be held in Istanbul in August.

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