Turkish-Arab Economic Relations Reach AED200 Billion in 2024

Murat Efe, Founder and Chairman of the Turkish-Arab Economic Forum, announced that trade between Turkey and Arab nations surpassed AED200 billion in 2024, marking significant growth in their economic ties.

Efe attributed this increase to the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Turkey, which led to an 11 percent rise in bilateral trade.

The partnership has also bolstered investments, particularly in the solar and hydroelectric energy sectors, as well as aviation. Efe emphasized the Forum's role in strengthening Turkey's economic relations with Gulf Cooperation Council (GCC) countries and North Africa, regions where Turkey has established robust trade links. He noted that more than 80 percent of Turkey's foreign trade is focused on Central Asia, the Middle East, Europe, and North Africa.

Highlighting Turkey's economic progress, Efe revealed that the country's GDP is nearing US$1.2 trillion, showcasing a solid expansion in its foreign trade. Moving forward, Turkey aims to integrate advanced technologies into its industries, especially within the aerospace and manufacturing sectors, to further enhance its economic footprint globally.

As Turkish-Arab relations continue to grow, these developments underscore the importance of strategic agreements and collaboration in shaping a prosperous future for both regions.

News Source: Emirates News Agency