Türkiye and the United Arab Emirates (UAE) signed 13 agreements worth $50.7 billion during President Recep Tayyip Erdoğan's visit to the Gulf country, the Presidential Communications Directorate said Wednesday.
In a statement, the directorate said that both sides have reached an agreement to establish a High-Level Strategic Council, to be chaired by the presidents of Türkiye and the UAE.
Türkiye's relations with the UAE have been elevated to the level of strategic partnership as a result of the agreement, it said.
"The parties also decided to advance the existing cooperation in fields such as energy, transportation, infrastructure, logistics, e-commerce, finance, health, food, tourism, real estate, construction, defense industry, artificial intelligence and advanced technologies," the statement said.
"The total value of agreements signed in these areas is worth $50.7 billion," it added.
Erdoğan said that his country will ensure that relations with the UAE are addressed regularly at the highest level through the High-Level Strategic Council mechanism.
His remarks came as Erdoğan and UAE President Sheikh Mohammed bin Zayed Al Nahyan led delegation-level talks at the Al Watan Palace in Abu Dhabi.
Expressing satisfaction with the development of close dialogue and cooperation on the 50th anniversary of diplomatic relations with the UAE, Erdoğan said Türkiye aims to strengthen legal infrastructure with UAE in areas including investment promotion, security, renewable energy and transportation.
"With the joint agreement we will sign, we will elevate our relations to the level of strategic partnership," Erdoğan said, adding: "We find it beneficial to organize a Trade and Investment Forum in Istanbul in the fall to introduce the agreement to our business world."
Erdoğan said that cooperation between the two countries would advance further with the International Defense Industry Fair (IDEF) to be held in Istanbul on July 25-28.
He expressed his pleasure for being invited as the "guest of honor" to the Abu Dhabi International Book Fair.
Al Nahyan also awarded Erdoğan with the Order of Zayed, the UAE's highest civil decoration.
Evaluating agreements signed between Türkiye and UAE, worth around $51 billion, the treasury and finance minister said that deals further cemented ties between the two countries.
"We are grateful for the UAE's continued strong support for Türkiye and their confidence in our program," Mehmet Şimşek said at the UAE-Türkiye Business Forum, which was organized by Türkiye's Foreign Economic Relations Board (DEIK) in the capital Abu Dhabi.
Mentioning Türkiye's economic program, the minister said it has three main pillars: "a sound monetary policy," "fiscal discipline," and "structural reforms."
Türkiye aims to strengthen macroeconomic stability through credible rule-based policies, he stressed, adding, "We have already taken strong initial steps to improve public finances and to reduce persistent high inflation through a multi-pronged strategy."
"In particular, the recent enhancements in the monetary policy framework is encouraging, we will continue to gradually tighten monetary policy to reduce inflation and current account deficit."
The country plans to unveil a structural reform agenda in September, along with its medium-term economic program, the minister said.
Türkiye has enormous potential, and the Turkish government's commitment to tackling macroeconomic challenges will unlock this potential, Şimşek noted.
"Therefore, we would like you to be a part of this success story," he stressed.
Şimşek said: "It's encouraging to hear that our UAE counterparts believe in our program.
"We have been working very closely in preparation for this summit, (and) we have already identified priority sector and mutually beneficial investment opportunities."
Türkiye is open for business, he said, adding: "Our doors are open to you all on any matter that would help while doing business in Türkiye."
He also thanked the UAE for its support for the Türkiye's earthquake relief efforts.
In the UAE president’s visit in November 2021, when non-oil trade volume was around $13 billion (TL 350 billion), Ankara and Abu Dhabi signed a total of ten deals, including exchanging financial information to prevent money laundering and financing terrorism, cooperation between Abu Dhabi Port Company and Türkiye Wealth Fund, as well as the central banks and stock markets of both nations.
The same month, UAE unveiled a $10 billion fund for Türkiye investments, which Erdoğan and Al Nahyan inked on paper during Erdoğan’s visit to Abu Dhabi months later. The deals reached 13 to cultivate partnerships in defense, healthcare, climate change, industry, culture, trade and many other fields.
Last year, the two countries signed a nearly $5-billion currency swap deal to boost Ankara’s dilapidated foreign currency reserves when non-oil trade volume measured $19 billion.
In March this year came a free trade agreement to increase bilateral commerce to $40 billion annually within five years.
Another objective is to create 25,000 jobs in the UAE and 100,000 others in Türkiye as per a partnership framework.
