The UAE and Turkey have recently enhanced their economic ties as their bilateral non-oil trade reached $40.5 billion in 2024. This milestone occurs three years ahead of the target set by the Comprehensive Economic Partnership Agreement (CEPA), which was enacted on September 1, 2023. The two countries celebrated an 11.5 percent growth in non-oil trade, elevating Türkiye to become the UAE’s fourth-largest trading partner, rising from seventh place in 2021.

During the second session of the Joint Economic and Trade Commission (JETCO) held in Abu Dhabi, key officials emphasized the rapid progress in trade relations following the CEPA’s implementation. His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and His Excellency Ömer Bolat, Minister of Trade of the Republic of Turkey, discussed various sectors including trade finance, investment, the green economy, and advanced technology.

Dr. Al Zeyoudi highlighted the importance of the Joint Economic and Trade Commission, stating it is crucial for identifying opportunities for exporters and fostering investments. He noted that the partnership, under the CEPA, has already led to a threefold increase in bilateral non-oil trade since 2021 and expressed commitment to further expanding this collaboration.

Minister Bolat reported that Turkish companies have completed 149 projects worth $17.7 billion in the UAE, making the UAE the 10th most significant market globally for Turkish projects. He emphasized the importance of the UAE as a key economic partner for Türkiye, focusing on mutual economic growth and prosperity.

Following the commission’s session, a high-level roundtable took place, allowing representatives from both nations’ leading companies to discuss investment opportunities. Dr. Al Zeyoudi remarked on the potential for increased trade and investment, asserting that the CEPA has opened new avenues and that the private sector’s engagement is vital for realizing these opportunities.