UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi said on Wednesday that the United Arab Emirates (UAE) and Türkiye had ratified a comprehensive partnership agreement.
"This deal marks a new era of cooperation in our long-standing friendship and will help push bilateral non-oil trade beyond $40 billion (TL 828 billion) in the next five years," the minister said in a tweet.
Ties between Türkiye and the Arab world are experiencing a major thaw after years of tense relations. However, the two countries have seen their ties affected by regional tensions, including the conflict in Libya, where the UAE and Türkiye have backed opposing sides in recent years.
Türkiye also mends its frayed ties with regional powers, including Egypt and Saudi Arabia. Erdoğan had reiterated that Türkiye hopes to maximize its cooperation with Egypt and the Gulf nations "on a win-win basis" at a time when Ankara intensified diplomacy to mend its fraught ties with Cairo and some Gulf Arab nations after years of tensions.
Türkiye and the UAE signed an extensive economic partnership deal to boost trade in March.
President Recep Tayyip Erdoğan, speaking on the deal at the time, said the Comprehensive Economic Partnership Agreement would take economic and trade relations to a new phase, adding that he believes it will enable the trade volume between the countries to increase to $25 billion in five years.
The 50-year Türkiye-UAE relations are based on solid foundations, Erdoğan said, adding: "Thanks to the agreement, the barriers to trade in goods and services will be removed, and the activities of our investors and entrepreneurs will be facilitated."
The export climate for Turkish manufacturers gathered further pace in April, with some regions of the Middle East maintaining a solid growth trend in the month.
The UAE, being one of them, recorded a significant expansion in non-oil economic activity and the growth rate reached its highest level in the last six months.
