Agreement between the UAE and Turkey to Increase Trade and Strengthen Economic Ties in Strategic Sectors

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UAE and Turkey

The recent agreement signed between the United Arab Emirates (UAE) and Turkey to increase trade between the two countries to $40 billion over the next five years is a significant step forward for both economies.

The Comprehensive Economic Partnership Agreement (CEPA), signed during UAE President Sheikh Khalifa bin Zayed Al Nahyan's visit to Turkey in 2021, is expected to focus on strategic sectors such as agritech, food security, and clean energy. These sectors have been identified as key areas for cooperation and investment, and both countries stand to benefit from increased trade and collaboration.

The agreement builds on the existing economic and trade relations between the UAE and Turkey, which have been growing steadily over the past few years. The UAE is Turkey's largest trading partner in the Gulf region, and the two countries have been working to deepen their economic ties through various initiatives and agreements.

The UAE's $10 billion investment fund, established during President Sheikh Khalifa's visit to Turkey, is a clear sign of the country's commitment to expanding its economic relationship with Turkey. The fund will be used to finance various projects in Turkey, including infrastructure development, real estate, and tourism.

In addition to these initiatives, the CEPA is expected to provide a boost to the construction and real estate sectors in both countries. This is an area where the UAE has significant expertise, and the country has been actively investing in various projects in Turkey over the past few years.

Overall, the UAE-Turkey agreement is a positive step forward for both countries. They stand to benefit from increased investment, job creation, and economic growth by strengthening their economic and trade relations. The emphasis on strategic sectors such as agritech, food security, and clean energy has the potential to address key challenges confronting both countries and contribute to regional development.

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