The UAE and the Republic of Turkey have convened the second session of the Joint Economic and Trade Commission (JETCO) in Abu Dhabi.
Building on the success of the inaugural session held in Istanbul in 2023, the event aimed to further strengthen trade and commercial ties between the two nations and advance the objectives of the Comprehensive Economic Partnership Agreement (CEPA), which took effect on September 1, 2023.
The meeting, co-chaired by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and His Excellency Ömer Bolat, Minister of Trade of the Republic of Turkey, heralded rapid progress of UAE-Turkish relations following the CEPA implementation and subsequent first session of the JETCO.
Expressing optimism, the two sides reported an 11.5 percent growth in non-oil trade in 2024, reaching $40.5 billion. This achievement of exceeding $40 billion in non-oil trade, a key target of the CEPA, is three years ahead of schedule and elevates Turkey to the UAE’s fourth largest non-oil trade partner, up from seventh in 2021.
The two ministers were joined at the Commission by HE Saeed Thani Hareb Al Dhaheri, UAE Ambassador to the Republic of Turkey; and HE Juma Mohamed Al Kait, Assistant Undersecretary for International Trade Affairs at the UAE Ministry of Economy.
The conversations during the session covered sectors such as trade and trade finance, investment, green economy, services, advanced technology and industry, customs, regulation, and standards including Halal accreditation, and collaboration in joint projects in third countries.
Dr. Thani bin Ahmed Al Zeyoudi UAE Minister of State for Foreign Trade
“The Joint Economic and Trade Commission is a cornerstone of our strategy to elevate UAE-Turkey economic relations. By leveraging this platform, we can pinpoint key opportunities for our exporters, foster investment in priority sectors, and build a resilient framework for sustainable growth. Our collaboration under the CEPA has already yielded impressive results, contributing to a threefold increase in bilateral non-oil trade since 2021, and we are committed to deepening this partnership to unlock even greater potential.”
For his part, His Excellency Ömer Bolat said, “Turkish companies have undertaken 149 projects worth $17.7 billion in the United Arab Emirates to date. This figure makes the United Arab Emirates the 10th most important country in the world where Turkish companies undertake projects. Through this meeting, we have taken steps to achieve our goal of increasing bilateral relations and growing mutually beneficial economic prosperity on behalf of both our nations and both our people. The UAE is, and remains, one of our most important economic partners in this regard.”
UAE-Turkey CEPA Joint Committee meeting
In line with the intended goals of the JETCO, the Commission also featured the inaugural meeting of the UAE-Turkey CEPA Joint Committee, which sought to assess the impact of the deal to date, share data and experiences, review implementation issues, refine tariffs and quotas and recommend amendments. The ministerial minutes of both the Joint Committee meeting and the JETCO were signed by HE Al Zeyoudi and HE Ömer Bolat.
The JETCO was followed by a high-level roundtable featuring representatives of leading companies and investors from both countries to exchange ideas and explore high-potential investment and partnership opportunities.
During the roundtable, HE Al Zeyoudi said that, “In front of us is the opportunity to increase trade flows and investment activities between our business communities. The CEPA has opened the door, but it is the enterprise and energy of the private sector that will ensure we continue to march through it, and meetings such as this are vital to ensure we understand where the opportunities exist – and how we can best unlock them.”
The sessions in Abu Dhabi reflect robust ties between the UAE and Turkey, which in recent years have seen joint economic collaboration in dynamic, high-growth sectors, including financial services, agriculture, logistics, transport, and tourism.
