The UAE and Türkiye recently held the second session of the Joint Economic and Trade Commission (JETCO) in Abu Dhabi. The event sought to further expand the two nations’ trade and commercial relations and support the goals of the Comprehensive Economic Partnership Agreement (CEPA), which came into force on September 1, 2023.
Expressing optimism about their growing ties, the two sides reported an 11.5 percent growth in non-oil trade in 2024, reaching $40.5 billion. This achievement of exceeding $40 billion in non-oil trade, a key target of the CEPA, comes three years ahead of schedule and elevates Türkiye to the UAE’s fourth-largest non-oil trade partner, up from seventh in 2021.
Bilateral non-oil trade grows threefold since 2021
During the meeting, 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 Türkiye, heralded the rapid progress of UAE-Turkish relations following the CEPA implementation.
The meeting covered sectors such as trade and trade finance, investment, green economy, services, advanced technology and industry, customs, regulation and standards including Halal accreditation, and collaboration in joint projects in third countries.
“The Joint Economic and Trade Commission is a cornerstone of our strategy to elevate UAE-Türkiye economic relations. By leveraging this platform, we can pinpoint key opportunities for our exporters, foster investment in priority sectors, and build a resilient framework for sustainable growth. Our collaboration under the CEPA has already yielded impressive results, contributing to a threefold increase in bilateral non-oil trade since 2021, and we are committed to deepening this partnership to unlock even greater potential,” stated Al Zeyoudi.
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Türkiye undertake 149 projects worth $17.7 billion in UAE
For his part, Bolat said that Turkish companies have undertaken 149 projects worth $17.7 billion in the UAE to date. This figure makes the UAE the 10th most important country in the world where Turkish companies undertake projects.
“Through this meeting, we have taken steps to achieve our goal of increasing bilateral relations and growing mutually beneficial economic prosperity on behalf of both our nations and both our people. The UAE is, and remains, one of our most important economic partners in this regard,” he added.
Following the commission’s session, the two sides held a high-level roundtable featuring representatives of leading companies and investors from both countries to exchange ideas and explore high-potential investment and partnership opportunities.
During the roundtable, Al Zeyoudi said: “In front of us is the opportunity to increase trade flows and investment activities between our business communities. The CEPA has opened the door, but it is the enterprise and energy of the private sector that will ensure we continue to march through it, and meetings such as this are vital to ensure we understand where the opportunities exist – and how we can best unlock them.”
