UAE and Turkey sign agreements worth over $50 billion to boost strategic partnership
Sheikh Mohamed Bin Zayed and Erdogan hold talks at Qasr Al Watan in Abu Dhabi.
The two presidents witnessed the announcement of a joint accord on the establishment of a high-level strategic council between the UAE and Turkey, further cementing ties between the two nations.
The two leaders also witnessed the exchange of several agreements and Memoranda of Understanding (MoUs) that promise to enhance collaboration even further.
The announcement and exchange took place today at Qasr Al Watan in Abu Dhabi during President Erdogan’s official visit to the UAE.
The agreements - estimated to be worth US$50.7 billion - are aimed at diversifying the framework of the UAE-Türkiye Comprehensive Economic Partnership Agreement and deepening investment between both nations across strategic sectors.
This came during the talks held by the two sides at Qasr Al Watan in Abu Dhabi, where Sheikh Mohamed welcomed the visit of Erdogan to the UAE, expressing his confidence that the visit gives a strong impetus towards enhancing the prospects of partnership between the two countries.
The agreements exchanged today included:
• An agreement between the government of the United Arab Emirates and the government of the Republic of Turkey on reciprocal promotion and protection of investments.
• An extradition agreement between the two countries.
• An agreement on legal and judicial cooperation in civil and commercial matters.
• An agreement on mutual legal assistance in criminal matters.
• A joint declaration on the establishment of a Joint Economic and Trade Commission (JETCO).
• A Memorandum of Understanding between the Ministry of Industry and Technology of the Republic of Turkey and the Ministry of Industry and Advanced Technology of the United Arab Emirates on collaboration in the field of digital transformation.
• A Strategic Partnership Framework Agreement signed between the Ministry of Industry and Energy and Natural Resources of the Republic of Turkey, and the Ministry of Investment of the United Arab Emirates, to develop energy and natural resources projects.
• A Memorandum of Understanding on the development of joint launch vehicle capabilities for commercial purposes between the UAE Space Agency; the Turkish Ministry of Science, Industry and Technology; and the Turkish Space Agency.
• A Memorandum of Understanding between the UAE International Investors Council and the Investment Office of the Presidency of the Republic of Turkey.
• A Memorandum of Understanding on strategic cooperation in the field of defence industries between the UAE Tawazun Council and the Turkish Defence Industries Agency.
• A Memorandum of Understanding in the field of export credit financing between ADQ and Turkish Eximbank.
• A Memorandum of Understanding on investing in sukuk for the purposes of the reconstruction of areas of Turkey affected by earthquakes, between ADQ and the Turkish Ministry of Treasury and Finance.
• A strategic cooperation agreement between the Abu Dhabi National Oil Company (ADNOC) and the Turkish Petroleum Corporation.
• A Memorandum of Understanding between the Abu Dhabi Investment Office and the Investment Office of the Presidency of the Republic of Turkey.
UAE President and the Turkish President reviewed various aspects of cooperation between the two countries, especially the strategic sectors, including investment, technology, digital transformation, space, infrastructure, industry, renewable energy and others, and promising opportunities to expand the horizons of this cooperation, stressing in this context that the UAE and Turkey have a strategic direction to advance bilateral relations to the maximum possible development horizons.
The meeting also touched on the Conference of the Parties to the United Nations Framework Convention on Climate Change COP28, which will be hosted by the UAE at the end of this year.
They have ambitious plans in the field of renewable energy and achieving carbon neutrality.
The two sides reviewed all regional and international issues and developments of concern to the two countries and exchanged views on them, stressing in this context that dialogue and diplomatic solutions are the way to deal with the various challenges and crises facing the region, in addition to the need for effective cooperation and joint action to build relations based on mutual respect and trust. And common interests to enhance stability, peace and development in the region.
Gulf Today/ WAM
