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Turkey, UAE ink $50 billion in trade deals during Erdogan visit

The $50 billion worth trade deals come as the Turkish government is struggling to draw foreign funds to ease its currency crisis.
UAE President Mohamed bin Zayed Al Nahyan (R) greeting Turkey's President Recep Tayyip Erdogan

DUBAI/ANKARA — Turkish President Recep Tayyip Erdogan met in Abu Dhabi on Wednesday with his UAE counterpart, Sheikh Mohammed bin Zayed Al Nahyan, and established a high-level strategic council in addition to agreements worth $50 billion between the two countries, capping a three-day Gulf tour.

The agreements, estimated at $50.7 billion, are in addition to the trade deal first signed in March valued at $40 billion. It aims to diversify the UAE-Turkey Comprehensive Economic Partnership Agreement, according to the state-owned Emirates News Agency. 

The deals also cover investments, space and defense development, and energy and natural resource projects. The two countries also agreed to establish a Joint Economic and Trade Commission. Other agreements from the visit include consensus on extradition rules and legal cooperation on civil and commercial matters.   

Sheikh Mohammed said he held “fruitful” talks with the Turkish president on Wednesday. “The UAE and Turkiye remain committed to fostering regional stability, growth and sustainable economic development,” he wrote on Twitter. 

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