Turkey and UAE sign 13 agreements worth $50.7 bn boosting bilateral relations

In a momentous move to fortify their relationship, Turkey and the UAE have joined hands to sign a series of 13 bilateral agreements, valued at an astonishing $50.7 billion. These groundbreaking accords encompass a wide array of sectors, including energy, transportation, infrastructure, logistics, e-commerce, finance, health, food, tourism, real estate, construction, defense industry, artificial intelligence, and advanced technologies. The agreements were formalized during Turkish President Recep Tayyip Erdogan’s visit to Abu Dhabi, alongside UAE President Sheikh Mohamed bin Zayed Al Nahyan.

The President’s office, in a statement released on Wednesday, hailed these agreements as transformative in bolstering the bilateral relations between both nations, elevating their alliance to a level of strategic partnership. As part of this historic development, both Turkey and the UAE have consented to establish a bilateral High-Level Strategic Council, tasked with overseeing the seamless implementation of these agreements, as reported by the Xinhua news agency.

President Erdogan embarked on a significant three-day Gulf tour, commencing with Saudi Arabia, followed by Qatar, and concluding with the UAE. The primary objective behind this diplomatic tour was to secure investment and finance deals for Turkey. After navigating through years of tensions, Ankara has been fervently working to enhance its ties with the Gulf countries. A noteworthy advancement from last year was the $5-billion swap agreement between the UAE and Turkey in local currencies, designed to bolster support for the beleaguered Turkish lira. This agreement served as a beacon of warming diplomatic relations between the two nations.

The multi-billion-dollar agreements inked between Turkey and the UAE encompass diverse sectors, underscoring their strengthened economic cooperation. Energy, as a pivotal domain of collaboration, is symbolized by the signing of agreements pertaining to energy infrastructure and projects. Such collaborative endeavors hold the potential to fulfill both countries’ energy needs and foster greater energy security. Moreover, transportation and logistics agreements are poised to streamline the smooth movement of goods and people, further propelling bilateral trade.

The agreements pertaining to e-commerce, finance, and advanced technologies signify the ever-accelerating digitalization of both economies. In an increasingly interconnected world, cooperation in these sectors assumes paramount significance for sustainable economic growth. The advent of the COVID-19 pandemic has further accelerated the relevance of digital transformation, rendering these agreements all the more vital.

Tourism, a vital pillar of the UAE’s economy, stands to gain from these agreements, with Turkish tourists expected to experience enhanced ease in traveling to the UAE. Similarly, the real estate and construction sectors are poised to witness fresh opportunities, as Turkish companies endeavor to expand their footprint in the UAE market, thereby contributing to the economic development of both nations.

The collaboration in the defense industry is another notable facet of these agreements. With the UAE standing as a substantial defense spender, Turkey can explore novel avenues for defense industry cooperation, encompassing joint projects, technology transfer, and defense equipment sales. Such collaboration can yield positive repercussions, generating employment opportunities and fostering technological advancements in both countries.

The emphasis on artificial intelligence and advanced technologies reflects the shared vision of Turkey and the UAE in embracing innovation and driving economic growth through cutting-edge technology. Collaboration in these fields holds the promise of pioneering solutions that can benefit various sectors, including healthcare, finance, and logistics.

In conclusion, the signing of these 13 bilateral agreements between Turkey and the UAE marks a pivotal milestone in their relationship. These comprehensive accords not only bolster economic cooperation but also forge deeper diplomatic ties. The establishment of a High-Level Strategic Council further underscores the unwavering commitment of both nations to effectively implement these agreements. With these groundbreaking partnerships, Turkey and the UAE are poised to experience mutual benefits, facilitating the growth and development of both nations.

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