UAE President Sheikh Mohammed bin Zayed Al Nahyan discussed with Turkish President Recep Tayyip Erdogan the paths of cooperation and its development in various fields.
Erdogan was in UAE for an official visit, and the Presidents met in Abu Dhabi to further reinforce the strong ties between the two countries at Qasr al-Watan in Abu Dhabi.
The President welcomed the visit as an opportunity to continue building upon 50 years of UAE-Türkiye relations, noting that both countries share the same ambitions for stability, economic growth, and sustainable progress.
The longstanding bilateral relationship between the two countries was significantly boosted earlier this year by signing a Comprehensive Economic Partnership Agreement (CEPA).
- Talks
During the meeting, the two sides reviewed the various aspects of cooperation between the two countries.
They exchanged an additional memorandum of understanding (MoU) and major agreements to increase collaboration, including investments in strategic sectors such as the economy, trade, energy, finance, digital transformation, technology, and the space sector.
Emirati President asserted that the UAE is keen to continue expanding and strengthening its partnership with Türkiye in various fields.
- COP28
The meeting touched on the 2023 United Nations Climate Change Conference (COP28).
The UAE President confirmed that Türkiye's participation at the COP28 climate conference in Dubai is eagerly anticipated, especially considering the growing collaboration between the UAE and Türkiye in renewable energy and climate action.
- Point of views
The two leaders reviewed all regional and international issues and developments. They reaffirmed their commitment to promoting stability, both within the region and internationally, stating their shared belief in the importance of dialogue and diplomacy to solve disputes and avoid conflict.
- High-level strategic council
Sheikh Mohammed and Erdogan witnessed the announcement of a joint accord on establishing a high-level strategic council between the UAE and Türkiye.
Several agreements, estimated at $50.7 billion, were signed to diversify the framework of the UAE-Türkiye Comprehensive Economic Partnership Agreement and deepen investment between both nations across strategic sectors.
The agreements exchanged included: an agreement between the Emirati and Turkish governments on reciprocal promotion and protection of investments, legal and judicial cooperation in civil and commercial matters, and a deal on mutual legal assistance in criminal cases.
They also signed a memorandum of Understanding on developing joint launch vehicle capabilities for commercial purposes between the UAE Space Agency; the Turkish Ministry of Science, Industry, and Technology; and the Turkish Space Agency.
The Turkish Ministry of Industry and Energy and Natural Resources and the UAE Ministry of Investment signed a Strategic Partnership Framework Agreement to develop energy and natural resources projects.
The Ministry of Industry and Technology of Türkiye and the Ministry of Industry and Advanced Technology of the UAE collaborated in digital transformation.
The two sides inked an MoU in export credit financing between Abu Dhabi Developmental Holding Company (ADQ) and Turkish Eximbank.
The UAE Tawazun Council and the Turkish Defence Industries Agency signed an MoU on strategic cooperation in defense industries
ADQ and the Turkish Ministry of Treasury and Finance signed an agreement on investing in sukuk to reconstruct areas of Türkiye affected by earthquakes.
- Comprehensive economic partnership
Meanwhile, Minister of State for Foreign Trade, Thani bin al-Zeyoudi, said the UAE and Türkiye are steadfast in finalizing procedures related to their CEPA as its enforcement date draws near.
Zeyoudi said that according to the approved timeframe, the CEPA would come into effect in early September, adding that it aims to stimulate the non-oil intra-trade from the current total of $18 billion to over $40 billion annually within the next five years.
They aim to reduce or eliminate customs duties on 82 percent of tariffs in both countries, covering 96 percent of their traded goods.
The minister affirmed that the combined population of the two countries is currently some 100 million, and they are both among the top 30 economies in the world with a combined gross domestic product (GDP) of nearly $1.5 trillion.
He explained that the structures of their economies in terms of sectors' contribution to GDP are similar, especially services that account for more than 50 percent.
Zeyoudi said that both countries had attracted some $360 billion in direct investments at the end of 2022, accounting for 38 percent of total foreign direct investment inflows to West Asia.
The UAE and Türkiye collectively invested around $300 billion, representing about 50 percent of West Asia's investment outflows to the rest of the world.
Farah MJ Saab
