Trade volume between Türkiye, UAE doubles to exceed $20B in 2023

DUBAI

The trade volume between Türkiye and the UAE has exceeded $20 billion with a yearly increase of 107%, Turkish ambassador to Abu Dhabi said, adding that this growth is due to the fact that the two countries have complementary economies.

Speaking to Anadolu during WORLDEF Dubai 2024 forum, the world's largest digital commerce event, Tugay Tuncer said there were important economic changes between the two countries during his 3.5 years in office.

Anadolu is the global communication partner of the event.

Tuncer noted that the two countries have achieved a rapid acceleration in economic relations after the COVID-19 pandemic.

He said that the comprehensive economic partnership agreement between Türkiye and the UAE played an important role in increasing the trade volume.

He said: “This agreement is one of the first five economic partnership agreements signed by the UAE. The UAE is now among Türkiye's top 10 trading partners."

Tuncer emphasized that thanks to this agreement, trade has developed rapidly and Dubai has become a regional hub for Turkish companies.

Noting that Dubai is a gateway not only to the UAE but also to the Gulf, African and Far East markets, the ambassador said many Turkish companies are opening offices here and providing access to the Gulf, African and Far East markets.

The fact that the UAE has such a high trade volume despite its population of 10 million reveals that the economic projection of this country is much larger, he noted.

He stressed: “In 2024, the trade volume increased by 15% and we think this upward trend will continue.

"We continue to work jointly to remove trade barriers between the two countries."

Platforms such as the Joint Economic and Trade Committee (JETCO) and business councils support this process, he highlighted.

He also said that the WORLDEF event organized in Dubai is a reflection of the complementarity of the economies of the two countries.

*Writing by Gokhan Ergocun from Istanbul