UAE-Turkey reconciliation continues with trade agreement
The move follows a currency swap agreement between the two countries and the Turkish president's visit to the UAE.
Trade entities in Turkey and the United Arab Emirates signed an agreement yesterday to bolster bilateral trade.
The UAE’s federal export credit company Etihad Credit Insurance and its Turkish equivalent Turk Eximbank agreed to “facilitate trade and export and ease access to credit insurance and project financing.” They signed the memorandum of understanding at a ceremony in Istanbul, the official Emirates News Agency reported.
What is it: Export credit agencies are government entities that facilitate the international exports of domestic companies. They provide loans and insurance to this end.
Why it matters: The UAE and Turkey are in the process of rehabilitating their relations. The two countries have been at odds over a variety of regional issues in recent years, including the Arab Spring, the Qatar diplomatic crisis and the Libyan civil war.
