Türkiye targets lifting the trade volume with the United Arab Emirates to $40 billion (TL 1.39 trillion) in five years, Trade Minister Ömer Bolat said on Wednesday as he received a Dubai delegation at the ministry.
"Our main goal within the scope of the Bilateral Trade and Comprehensive Economic Partnership Agreement (CEPA) is to increase our trade volume to $40 billion in 5 years," Bolat said in a post on X.
He said that they hosted the delegation led by Mohammad Ali Rashed Lootah, chairperson of Dubai Chambers, one of the largest economic development arms in Dubai at the ministry.
The minister stated that the bilateral trade volume between Türkiye and the United Arab Emirates exceeded $20 billion in 2023, marking an increase of 107% compared to the previous year.
The Comprehensive Economic Partnership Agreement (CEPA) between the duo was signed in March of last year and entered into force in September of the same year. It is seen as an agreement providing significant benefits for easier trade and boosting cooperation in areas such as services, in addition to investment facilitation.
The UAE stands as one of Türkiye's most crucial trading partners in the Gulf region, and Ankara, in general, has enjoyed a positive momentum and boost in trade with Gulf states in recent years amid rapprochement with Saudi Arabia and the UAE.
Türkiye and the UAE signed 13 agreements covering investments worth $50.7 billion during President Recep Tayyip Erdoğan's visit last July as part of his Gulf trip, which also included stops in Saudi Arabia and Qatar.
"Türkiye and the UAE have the potential to establish new partnerships in various sectors, particularly in energy, defense, automotive, durable goods, pharmaceuticals and green and digital industries," Bolat said.
"Our Turkish and UAE companies and business communities are in a position to make significant contributions to the deepening of our bilateral cooperation and the achievement of our commercial goals, thanks to the proactive role they will play," he added.
"Strengthening cooperation between Türkiye and the UAE in different areas will contribute to the emergence of important opportunities both in our bilateral relations and at the regional level."