RIYADH: Turkiye and the UAE have signed agreements worth $50 billion in what is a major boost for investments across strategic sectors between the two countries.
During Turkish President Recep Tayyip Erdogan’s visit to the UAE, the two nations announced a joint accord on the establishment of a high-level strategic council to further cement ties, according to the Emirates News Agency, also known as WAM.
The exchange of several agreements and memoranda of understanding is aimed at diversifying the framework of the UAE-Turkiye Comprehensive Economic Partnership Agreement.
CEPA intends to maximize bilateral trade volume and investment between both countries. It is also projected to create an estimated 25,000 jobs in the UAE and 100,000 in Turkiye.
The deals sealed during the visit included an agreement between the UAE government and the Turkish administration on reciprocal promotion and protection of investments.
In addition to this, the two countries also signed an extradition agreement, an arrangement on legal and judicial cooperation in civil and commercial matters, as well as a deal on mutual legal assistance in criminal matters.
Furthermore, the visit witnessed the signing of an MoU between Turkiye’s Ministry of Industry and the UAE’s Ministry of Industry and Advanced Technology on partnership in the field of digital transformation.
Moreover, the two ministries also inked a Strategic Partnership Framework Agreement in an attempt to develop energy and natural resources projects.
Both counties released a joint declaration on the establishment of a Joint Economic and Trade Commission.
Another MoU was signed regarding the development of joint launch vehicle capabilities for commercial purposes between the two country’s space agencies and the Turkish Ministry of Science, Industry and Technology.
Other agreements included a strategic cooperation agreement between the Abu Dhabi National Oil Co. and the Turkish Petroleum Corp., and an MoU in the field of export credit financing between ADQ and Turkish Eximbank.
In February, Erdogan visited the UAE as the countries strengthened economic ties with a flurry of agreements.
At the time, WAM reported the signing of 13 agreements including some on trade, industry and health.
