Turkish President Erdogan's visit to UAE marks fifth summit in two years, fostering cooperation ties
- 19 Jul 2023
President Recep Tayyip Erdogan of Turkey's visit to the UAE on Wednesday marks the fifth in a series of summits and meetings that have significantly strengthened the comprehensive partnership between the two countries.
Over the past two years, President His Highness Sheikh Mohamed Bin Zayed Al Nahyan and President Erdogan have held four meetings, with the previous summits taking place in November 2021, February 2022, and a virtual call in March 2023 and the fourth in June 2023, demonstrating the commitment of both leaders to fostering a strong and enduring partnership.
The leadership of both countries remains dedicated to enhancing their partnership, recognising its importance in promoting inclusive growth, creating opportunities for well-being, and ensuring peace and stability for their peoples and the region.
The UAE's partnership with Turkey is a key part of its strategy to strengthen overall relations and cooperation with friendly nations.
Agreements Towards Greater Prosperity
The UAE and Turkey have signed dozens of strategic agreements and MoUs to enhance bilateral cooperation in economic, security, environmental and technological fields, among others.
On 24th November 2021, the two countries signed a number of agreements and MoUs, which included an MoU between the UAE's Financial Intelligence Unit (FIU) and the Turkish Financial Crimes Investigation Board (MASAK); a cooperation agreement between Abu Dhabi Ports Company (ADPC) and the Turkey Wealth Fund (TWF); a cooperation agreement on the investment capital fund of the Abu Dhabi Holding Company and the TWF; a cooperation agreement between the Abu Dhabi Holding Company and the Investment Bureau of Turkey; an MoU between the Abu Dhabi Securities Exchange (ADX) and Borsa Istanbul; an MoU in the field of exchanging information in the banking business between the Central Bank of the UAE and the Central Bank of Turkey; an agreement of joint administrative cooperation in Customs Affairs between the UAE and Turkey; an MoU in the field of energy; and an MoU in the environmental field.
On 14th February 2022, the two countries exchanged 13 cooperation agreements, memoranda of understanding and protocols to expand partnerships in several fields, including investment, health, agriculture, transportation, industries, advanced technologies, climate action, culture, youth, and others.
Economic Cooperation
Economic cooperation is a crucial pillar of the growing collaboration between the UAE and Turkey, with their strong economic ties dating back to the establishment of the UAE and continuously progressing over the years.
In 1984, the two countries signed an Economic and Technical Cooperation Agreement, followed by several agreements that strengthened economic and trade cooperation.
Most recently, in March, the Comprehensive Economic Partnership Agreement (CEPA) was signed, setting the stage for increased non-oil intra-trade to reach US$40 billion within five years, the creation of 25,000 job opportunities by 2031, and a 21.7 percent boost in UAE exports to Turkey.
In 2022, the total non-oil trade between the UAE and Turkey amounted to nearly US$19 billion, reflecting an increase of 40 percent from 2021 and a substantial 112 percent surge from 2020. Turkey has emerged as the fastest-growing partner among the UAE's top 10 trade partners.
In November 2021, the UAE announced the establishment of a US$10 billion investment fund in Turkey, focusing on strategic investments, most notably in the logistics sectors, including energy, health and food.
Cultural Ties
The UAE and Turkey share a rich cultural heritage and literary legacy, underscoring their mutual desire to strengthen cultural ties and collaboration. In February 2022, both countries signed an MoU aimed at reinforcing their cultural connections.
More recently, cultural ties between the two nations have flourished, as evident by Turkey's role as the guest of honour at the Abu Dhabi International Book Fair 2023 and its active participation in Expo 2020 Dubai. The Emirates Publishers Association also showcased 284 books from 31 Emirati publishers at the International Arabic Book Fair in Istanbul in October, further enhancing cultural exchanges.
