According to February foreign sales figures, Turkey's exports to the UAE soared by 52.4 percent compared to the previous month.
President Recep Tayyip Erdoğan’s recent visit to the United Arab Emirates (UAE) boosted Turkish exports to the Gulf country. February foreign sales figures reflected the countries' warming ties. As a result, Turkey's exports to the UAE soared by 52.4 percent last month compared to the previous month.
Exports to the UAE were $303.24 million in February, up 29.1 percent over the same month the previous year. In February, the Gulf country climbed to 17th place among Turkey's top export markets. The visit was a significant step in strengthening the two countries' political and economic ties.
It followed Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan's (MBZ) visit to Turkey on November 24, 2021. It was the first since relations halted in 2012. During the visit, Turkey and the UAE signed 13 agreements in a variety of categories.
With $90.86 million, the jewelry industry contributed the most to the UAE exports in February. It was followed by the defense and aerospace industries, which received $35.38 million. Chemicals and goods received $22.74 million. The carpet industry followed with $15.76 million, and grains, pulses, oilseeds, and products, received $15.6 million.
During that time period, the jewelry industry had the greatest rise in international sales to the country in terms of value. Exports of jewelry to the UAE climbed by $44.9 million in February compared to the previous month. Last month, Istanbul had the biggest number of international sales to the UAE, contributing $162.47 million in exports.
Regional conflicts, such as the crisis in Libya, have strained relations between the two nations. This was due to the UAE and Turkey supporting opposite sides in recent years.
Relations reached an all-time low when Erdoğan stated that Ankara may terminate diplomatic relations with Abu Dhabi. This was following the UAE's deal with Israel. Turkey has supported Qatar in a Gulf conflict, putting it at odds with the UAE, Saudi Arabia, and Egypt. Turkish assistance last year helped Libya's UN-backed government in Tripoli repel UAE-backed troops seeking to capture the capital.
Turkey and the UAE signed 13 cooperation agreements in various areas. This was during President Recep Tayyip Erdoğan's visit to the Gulf country as part of the two regional powers' normalization effort. The bilateral agreements were struck during Erdoğan's first visit to the UAE in a decade. The two nations mended ties frayed by years of antagonism in a move toward economic engagement.
During the meeting between the Turkish and UAE delegations, agreements on the defense industry, health, climate change, industry, technology, trade, economy, culture, agriculture, trade, economy, youth, transportation, disaster management, meteorology, communication, and archives were signed.
According to Turkish sources, they anticipated agreeing to officially begin discussions for a trade and economic deal. And decided to sign a letter of intent to begin consultations on military sector collaboration. Erdoğan stated that "the complementary structure of the two nations' economies really speaks to a potential considerably above the existing estimates." "The objective of our visit is to fast realize this potential," he continued.
According to the official WAM news agency, Erdoğan and MBZ addressed the potential for collaboration, notably in the economic and development spheres, as well as the most recent regional developments. MBZ praised the two nations' agreements and memorandums of cooperation struck during Erdoğan's visit to the UAE.
The agreements, according to MBZ, "laid the groundwork for the launch of new economic and trade partnerships between the two countries." And it "emphasized the UAE's eagerness to strengthen this partnership and push it forward in the coming period to double the volume of trade exchanges between the two nations."
MBZ stated that the UAE was eager to work with Turkey. "As a means to face various common difficulties the region is facing" via conversation and diplomatic resolution. The UAE is facing a rising danger from Yemen's Iran-backed Houthis. They have conducted repeated drone and missile assaults on the Gulf country. Which lead the UAE to boost defense cooperation with the US and France.
Erdoğan stated, "Turkey and the UAE can contribute to regional peace, security, and development." In his speech, the president also stated his desire to cooperate more closely with the UAE on a variety of issues. These issues include "climate change, water, and food security."
President Erdoğan's important visit will provide more impetus to deepening cooperation and developing a new prosperous phase of partnerships for the greater welfare of the two countries, their peoples, and all the nations of the region.
The two leaders discussed the potential of further cementing bilateral relations. Developing cooperation and joint work between the two nations in many domains were priorities. As well as the current regional and international issues and developments of relevance.
The crown prince expressed gratitude for Ankara's "friendly posture" and its criticism of Houthi attacks on the UAE. He wished Turkey "continued security, stability, and prosperity." The crown prince also sent Sheikh Khalifa bin Zayed Al Nahyan's wishes for the Turkish president's "continued good health and happiness, as well as further stability, progress, and prosperity for his nation."
In the spirit of "strengthening collaboration and cohabitation to achieve growth, prosperity, and stability," the crown prince said his country "welcomes every step on the road to cooperation, understanding, and peace in the area." He emphasized the UAE's desire to "cooperate with Turkey to address the region's various mutual issues. And further the communication, understanding, consultation, and diplomatic solutions."