Emirates News Agency – Thani Al-Jayoti: 4 deals to link UAE economy to more than 10% of global economy

Thani Al-Siodi: 4 agreements combine the UAE’s economy with more than 10% of the global economy.

– $18.9 billion of UAE non-oil trade with Turkey by 2022.

– 40% growth in UAE trade with Turkey last year.

Turkey is the UAE’s sixth trading partner in the top 10.
The Comprehensive Economic Partnership Agreement between the UAE and Turkey has witnessed the liberalization of 83% of goods in both countries.
Trade between the two countries is expected to exceed $40 billion annually within 5 years
Providing more than 25,000 jobs in both countries by 2031
A 20% growth in UAE exports to Turkey is expected in the next phase.
Comprehensive Economic Partnership Agreement ratified within six months.
– 4 deals opening up markets for the UAE reaching over 2.2 billion people.
The UAE’s exports have grown to more than $120 billion in 10 years
Concluding two new agreements with Cambodia and Georgia within a month.
– Plans to expand into Africa and South America.

From Ahmad Al Nuaimi.
ABU DHABI, March 3, WAM / His Excellency Dr. Thani bin Ahmad Al-Jayodi, Minister of Foreign Trade, confirmed that the signing of the Comprehensive Economic Partnership Agreement with the Republic of Turkey marks the culmination of diplomatic relations. Turkey has been a trading partner for more than 50 years of fraternity and continued momentum of economic cooperation and trade growth. The country is ranked sixth among the UAE’s top 10 trading partners in 2022, a 40% growth compared to 2021, and non-oil foreign trade between the two countries was $18.9 billion last year.
He said that the Comprehensive Economic Partnership Agreement between the UAE and Turkey has witnessed the liberalization of 83% of goods between the two countries, in addition to the liberalization of 93% of goods currently traded in non-oil trade. Opening up new markets for both countries in areas such as food security, agriculture, financial technology, communication and logistics, participation in renewable energy and real estate sectors.
He pointed out that in addition to job creation, with more than 25,000 new jobs up to 2031, especially in skilled sectors, the volume of trade between the two countries will grow to more than $40 billion annually in five years. 20% in the next step with the Republic of Turkey in addition to UAE export growth.
He pointed out that the Comprehensive Economic Partnership Agreement between the UAE and Turkey is expected to be ratified within six months.
He said the fourth agreement with Turkey was signed today after India, Indonesia and Israel, opening markets to the UAE that reach more than 2.2 billion people, including the Arab Trade Agreement signed 15 years ago. Continuation of the UAE’s economic and commercial mission and expansion into global markets.
These four deals are expected to contribute more than 2.6% of the country’s GDP by 2031, boosting the growth of UAE exports with a value of more than $120 billion over the next 10 years. Greater economic and trade opportunities After signing the agreement with Turkey, the economy of the United Arab Emirates is connected to more than 10% of the world economy, ensuring the openness and significant expansion of the economy of the United Arab Emirates.
Regarding the future plans of the UAE within the plans for comprehensive economic partnership, he said that the UAE is moving at a fast pace and we are going to finalize two new agreements with Cambodia and Georgia by the next 3rd. 4 weeks, 85% of the terms of the agreement have been agreed, in addition to the finalization of the two agreements with Kenya. In addition to the agreement with Colombia, it also marks an important gateway to Africa, where negotiations have been postponed. After the election, the contract file will be opened soon.
The UAE aims to expand within the Comprehensive Economic Partnership Agreements with ASEAN countries, and negotiations have begun with Thailand and Vietnam, indicating plans to expand into Africa and South America as well, opening up a large market for the UAE. Trade around the world.
He pointed out that the UAE is taking steps to initiate Comprehensive Economic Partnership Agreements with the two economic blocs with the Eurasian region, where negotiations will begin next week and be concluded within 6 months, and talks with the government of Ukraine will be held this month. The month of April.
He said that the program of Comprehensive Economic Partnership Agreements helps reinforce the World Trade Organization’s view that openness and diversification and the promotion of global trade will unlock intangible opportunities in attracting investments, minds and high skills and providing new markets to many. Investments and their diversification, which gives strength and flexibility to economies that follow an open approach. The national economy is witnessing significant growth in the light of a great balance between exports and imports and a large increase in exports, reflecting a trade index that is growing positively.