The UAE and Turkey have ratified an agreement signed earlier this year aiming to boost bilateral non-oil trade to surpass $40 billion in five years.
Within the Comprehensive Economic Partnership Agreement (CEPA), both countries are entering a new phase of joint economic growth, Gulf News reports.
"I'm excited to announce that the UAE-Türkiye Comprehensive Partnership Agreement has now been ratified by both governments. This deal marks a new era of cooperation in our long-standing friendship and will help push bilateral non-oil trade beyond $40bn in the next 5 years," Minister of State for Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi said on Twitter.
"The agreement will contribute to the growth of bilateral non-oil trade to exceed $40 billion annually over the next 5 years," he added.
The deal is predicted to generate 25,000 highly skilled jobs in the UAE and 100,000 jobs in Turkey in the next decade, the minister told The National back in March.
"The focus is going to be on services, including AgriTech, construction, ICT, telecommunications, logistics and pharmaceuticals," he said at the time.
The UAE is working on boosting trade and economic relations with countries across the world to attract additional investment and diversify the economy.
Similar deals have already been signed with India, Israel and Indonesia, and the UAE is close to finalising agreements with Kenya, The National reports.
UAE exporters could reach "more than 2.2 billion consumers today thanks to new trade agreements with some of the world's fastest-growing economies," Dr Al Zeyoudi said during the Make it in the Emirates forum in Abu Dhabi on Wednesday.
He went on to add that CEPAs could contribute over 2.6% of the national GDP by 2031.
"Comprehensive economic partnership agreements with India, Israel, Indonesia and Turkey increased the number of people manufacturers could reach by 1.6 billion.
"This will grow further with the Emirates poised to sign a string of new deals this year," he said.
"We are going to conclude four to six agreements by the end of the year, and that's going to create huge opportunities for our manufacturers and factories," Dr Al Zeyoudi continued.