UAE, Turkiye sign 13 pacts worth $50.7 bn during Erdogan's visit

Erdogan and UAE President Sheikh Mohammed bin Zayed Al Nahyan led delegation-level talks at the Al Watan Palace in Abu Dhabi.

Both sides agreed to set up a High-Level Strategic Council, to be chaired by the presidents of Turkiye and the UAE, Turkiye’s presidential communications directorate said in a statement.

Turkiye’s relations with the UAE have now been elevated to the level of strategic partnership.

"The parties also decided to advance the existing cooperation in fields such as energy, transportation, infrastructure, logistics, e-commerce, finance, health, food, tourism, real estate, construction, defense industry, artificial intelligence and advanced technologies," the statement said.

"We find it beneficial to organise a Trade and Investment Forum in Istanbul in the fall to introduce the agreement to our business world," Erdogan was quoted as saying by Turkish media reports.

Turkish treasury and finance minister Mehmet Simsek told a business forum that his country plans to unveil a structural reform agenda in September, along with its medium-term economic programme.

The two countries signed a nearly $5-billion currency swap deal last year to boost Ankara’s dilapidated foreign currency reserves. A free trade agreement was signed between the two sides in March this year to raise bilateral commerce to $40 billion annually within five years.

ALCHEMPro News Desk (DS)