The United Arab Emirates (UAE) and Turkey have finalised a comprehensive collaboration deal, according to UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi.
"This deal marks a new era of cooperation in our long-standing friendship and will help push bilateral non-oil trade beyond $40 billion (TL 828 billion) in the next five years," the minister said in a tweet.
After many years of harsh relations, relations between Turkey and the Arab world are currently undergoing a significant thaw. The conflict in Libya, where the UAE and Turkey have supported opposing groups in recent years, is one example of how regional tensions have harmed the two nations' relations.
Turkish relations with neighbouring countries like Saudi Arabia and Egypt are also being repaired. At a time when Ankara was stepping up diplomatic efforts to heal its tense relations with Cairo and certain Gulf Arab countries following years of difficulties, Erdoan had emphasised that Türkiye aspires to maximise its collaboration with Egypt and the Gulf nations "on a win-win basis."
In order to increase commerce, Turkey and the UAE signed a comprehensive economic partnership agreement in March.
Speaking at the time about the agreement, President Recep Tayyip Erdoan claimed that it would usher in a new era of trade and economic cooperation, and that he expected trade between the two nations to reach $25 billion in five years as a result.
The 50-year Türkiye-UAE relations are based on solid foundations, Erdoğan said, adding: "Thanks to the agreement, the barriers to trade in goods and services will be removed, and the activities of our investors and entrepreneurs will be facilitated."