Market and
partners news

New UAE trade agreements with Turkey and Indonesia have come into force

New UAE trade agreements with Turkey and Indonesia have come into force

6 September 2023

The UAE’s Comprehensive Economic Partnership Agreements with Turkey and Indonesia have come into force and will usher in a new era of trade and investment cooperation with the rapidly developing economies of both countries.

Trade agreements with both countries will “remove or reduce tariffs” on a number of goods and eliminate unnecessary barriers to trade, said the UAE Ministry of Economy in a statement on Thursday, August 31, 2023.

The agreements will also open up new opportunities for investment in priority sectors of the Emirates’ economy, including logistics, energy, food production, financial technology and e-commerce, as well as travel and tourism.

According to forecasts, the agreement between the UAE and Indonesia, signed in Abu Dhabi in July last year, will increase the volume of bilateral trade not related to the oil sector from the current US$4.08 billion to more than US$10 billion within five years after its entry into force.

The agreement between the UAE and Turkey cancels or reduces customs duties on 82% of commodity items, which account for more than 93% of the total volume of bilateral trade not related to the oil sector.

Thanks to the implementation of the UAE Comprehensive Economic Partnership Agreement with Turkey, the UAE authorities expect that over the next five years the volume of trade with Turkey will reach US$40 billion.

Get detailed expert advice on company registration in the UAE. Leave a request in the form below and we will contact you as soon as possible.

    Full Name

    Phone

    Additional

    ARAVANA Capital management
    6 September 2023
    Real estate sales statistics in Turkey for August 2023

    According to the data announced by the Turkish Statistical Institute (TÜIK), ...

    Apartments in the tower of the Dubai Oceanz project are sold out immediately after delivery

    The apartments in the first tower of the Oceanz project with a total cost of ...

    3 reasons to buy a property in Istanbul

    Istanbul is the center of trade between East and West, a city with a centurie...

    Areas for the purchase of commercial real estate in Abu Dhabi

    According to the emirate’s development plan, it is necessary to attract...