UAE and Turkish exchange agreements worth $50.7 billion to strengthen bilateral relations

President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan today witnessed the announcement of a joint accord on the establishment of a high-level strategic council between the UAE and Türkiye, 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.

The agreements exchanged today included:

• An agreement between the government of the United Arab Emirates and the government of the Republic of Türkiye 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 Türkiye 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 Türkiye, 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 Türkiye.

• 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 Türkiye affected by earthquakes, between Abu Dhabi Developmental Holding Company (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 Türkiye.

News Source: Emirates News Agency