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Türkiye and the United Arab Emirates renewed their commitment to expanding trade, investment and regional cooperation at the Türkiye-UAE Business Forum in Istanbul on Friday, as bilateral trade volume nears the $25 billion target set in 2023.
Speaking at the forum, where both sides signed several cooperation agreements, Deputy Trade Minister Mustafa Tuzcu said both countries continued standing out as stable economic partners despite ongoing uncertainty in global trade and investment environments.
Tuzcu referred to the UAE as one of Türkiye’s most important trade partners in the Gulf region and credited UAE Foreign Trade Minister Thani Ahmed Al Zeyoudi for helping strengthen ties since 2021.
"Global trade and investment environments remain uncertain for all of us," Tuzcu remarked, adding that both countries have maintained strong economic positions while global capital searches for safe markets.
Tuzcu noted that Türkiye’s exports of goods and services have nearly reached $400 billion, while the UAE has become one of Ankara’s leading economic partners during that expansion.
Official bilateral trade volume currently stands at around $20 billion, he added, but rises close to $45 billion when re-export activity is included.
He also pointed out that UAE companies have invested nearly $8 billion in Türkiye while expanding their regional trade reach through the country’s Customs Union and free trade agreements that provide access to nearly 50 markets.
Turkish companies, meanwhile, continue operating across a wide range of sectors in the UAE, including logistics, technology, manufacturing and real estate.
Tuzcu further highlighted growing opportunities for joint projects in third countries, particularly in Africa, the Caucasus, Commonwealth of Independent States countries and Syria.
Minister Al Zeyoudi portrayed the UAE as a key link between eastern and western trade routes and attributed the recent rise in bilateral commerce to stronger cooperation between businesses in both countries.
Trade between Türkiye and the UAE has tripled compared to 2022 levels, with Türkiye becoming the UAE’s fifth-largest non-oil trade partner, according to Al Zeyoudi.
He also recalled that both countries had previously set a $40 billion target for non-oil trade and stressed that political backing from both governments had helped sustain momentum.
Foreign Economic Relations Board of Türkiye (DEIK) President Nail Olpak characterized the Comprehensive Economic Partnership Agreement, which entered into force in late 2023, as a major turning point in bilateral economic ties.
Maintaining balanced growth is just as important as increasing trade volume, Olpak emphasized, adding that Türkiye’s industrial infrastructure, manufacturing capacity and research and development ecosystem continue strengthening the country’s position as a regional production and trade hub despite rising geopolitical risks and volatility in global markets.
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