UAE, Turkey sign accord, strategic agreements valued at $50.7bn

The UAE and Turkey (Türkiye) have signed a joint accord to establish a high-level strategic council, further cementing ties between the two nations.

The accord was signed in the presence of UAE President Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan, who is in the UAE on an official visit, according to the state news agency, WAM.

The two leaders also witnessed the exchange of several agreements and memoranda of understanding (MoUs).

The deals – estimated to be worth $50.7bn – will expand and diversify the framework of the UAE-Turkey Comprehensive Economic Partnership Agreement, deepening investment between both nations across strategic sectors.

List of agreements signed by UAE and Turkey

These include:

• An agreement 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 MoU between the Ministry of Industry and Technology of Turkey and the Ministry of Industry and Advanced Technology of the UAE 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 Turkey and the Ministry of Investment of the UAE to develop energy and natural resources projects
• A MoU 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 MoU between the UAE International Investors Council and the Investment Office of the Presidency of the Republic of Türkiye
• A MoU on strategic cooperation in the field of defence industries between the UAE Tawazun Council and the Turkish Defence Industries Agency.
• A MoU in the field of export credit financing between ADQ and Turkish Eximbank
• A MoU on investing in sukuk for the purposes of the reconstruction of areas of Turkey affected by earthquakes, between ADQ and the Turkish Ministry of Treasury and Finance
• A strategic cooperation agreement between ADNOC and the Turkish Petroleum Corporation
• A MoU between the Abu Dhabi Investment Office and the Investment Office of the Presidency of the Republic of Türkiye

UAE and Turkish Presidents witness announcement of accord and agreements worth over $50 bn to boost strategic partnership#WamNews https://t.co/xZLgP0ihQF pic.twitter.com/ztRbFLtAMq

— WAM English (@WAMNEWS_ENG) July 19, 2023

Turkish President receives Order of Zayed

The UAE President also conferred the Order of Zayed on the Turkish President Recep Tayyip Erdogan, stating that it was a reflection of the UAE’s appreciation for his efforts at strengthening bilateral relations and building upon the historic ties between the UAE and Turkey, WAM reported.

UAE President awards Order of Zayed to President Erdogan of Türkiye#WamNews https://t.co/OdNSHiUWaA pic.twitter.com/L6w16FafZ9

— WAM English (@WAMNEWS_ENG) July 19, 2023

The Turkish President expressed his gratitude and pride on receiving the award.

During his official visit, President Erdogan also presented a Turkish-made electric car Togg to the UAE President.

President Erdogan presents UAE President with Turkish-made electric car#WamNewshttps://t.co/4B8dJPDpeQ pic.twitter.com/akzEB9xdwM

— WAM English (@WAMNEWS_ENG) July 19, 2023

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