The United Arab Emirates and Türkiye recently reached an agreement that, according to the Gulf country, may increase their bilateral trade to 40 to 45 billion dollars over the next five years.
The detailed agreement, the general outlines of which were revealed last year, was signed on Friday while Minister of Trade Mehmet Muş was in Abu Dhabi. The agreement also includes an 82% decrease in customs duty charges between the two countries, according to the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi.
The official stated that the trade agreement is focused on sectors like agricultural technology, clean energy, logistics, and construction.
Following the devastating earthquakes that struck parts of Türkiye and Syria in February, Muş's visit was the first overseas trip by a senior Turkish official. The declaration made no mention of UAE assistance.
In addition to the 4.9 billion dollar currency swap agreement with Türkiye last year, the UAE has promised to invest billions of dollars in Türkiye through government-affiliated businesses.
Al Zeyoudi said bilateral trade between the two countries reached almost 19 billion dollars in 2022.