Türkiye seeks to boost trade with UAE to $40 billion

ANKARA

A delegation from Türkiye will pay a visit to the United Arab Emirates on Oct. 21-25 as Ankara seeks to boost the bilateral trade volume between the two nations to $40 billion.

The 5-day program, which will include meetings with UAE businesspeople, aims to enable Turkish companies to establish new business ties and evaluate investment opportunities.

The delegation’s visit is organized by the Turkish Trade Ministry.

The diplomatic traffic between the two countries has intensified in the post-COVID period while frequently held high-level official visits and talks between trade delegations have been playing an important role in forging ties.

Last year, the two countries signed a Comprehensive Economic Partnership Agreement (CEPA).

Other agreements signed in recent years in various fields ranging from the defense industry to technology, from trade to transport also contribute to the improvement of bilateral trade.

Türkiye’s exports to the UAE reached $8.6 billion dollars last year, up 63.2 percent compared to 2022. Imports from the UAE during this period amounted to $11.5 billion.

The volume of foreign trade between the two countries increased by 106.7 percent last year from 2022, reaching $20.1 billion.

Now the two nations aim to boost the bilateral trade volume to $40 billion.

Gold (unprocessed or semi-processed) topped the list of Turkish exports to the UAE at $3 billion, while Türkiye imported gold most from this country, which amounted to $9.6 billion last year.