Turkey, UAE ink free trade deal in latest thaw
The deal marks a new height in improving ties between Ankara and Abu Dhabi after years of locking horns.
Turkey and the United Arab Emirates signed a free trade agreement on Friday.
Addressing his Emirati counterpart Sheikh Mohamed bin Zayed and other officials virtually, Turkish President Recep Tayyip Erdogan described the deal as “historical.”
“The agreement marks a new era in our economic and commercial relations,” Erdogan said. He added that the countries were aiming to increase their mutual trade volume to $25 billion in five years through the agreement. The volume of mutual trade between the countries currently stands close to some $8 billion annually, with the UAE being the 10th largest overseas market for Turkish contractors.
The deal marks a new height in swiftly improving ties between Turkey and the United Arab Emirates after a years-long deep freeze over several regional and bilateral disagreements, including Ankara’s staunch support of the Muslim Brotherhood and the Libyan conflict. Erdogan had once accused the Emirates of funding the 2016 failed coup and threatened to sever ties with the Gulf country over the Abraham Accords.
