DP World believes CEPA between the UAE and Turkey could unlock vast potential
The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates (UAE) and Turkey will unlock the massive economic potential of Turkey as a global trade hub, according to DP World.
The world’s leading provider of smart logistics has welcomed the recent announcement and is confident the agreement can deliver on its aim to increase trade between Turkey and the UAE to the level of $40 billion in the next five years.
Over the past two decades, DP World has been a key driver of UAE - Turkey trade. The firm’s Jebel Ali Port accounted for 93.25% of the total $8.9 billion in 2020 trade between Turkey and the UAE, with the business working tirelessly to bridge the trade gap between the two countries through significant investments at DP World’s intermodal facility in Yarimca.
Kris Adams, CEO DP World Yarimca, said: “When the negotiations which underpinned the signing of the CEPA began, following an agreement to establish a joint economic committee to enhance bilateral trade and investment in 2019, Turkey was the UAE’s 10th largest trading partner, with bilateral trade valued at close to $9 billion.
‘‘Bilateral trade between Turkey and the UAE reached $18.9 billion in 2022, and Turkey is now the UAE's sixth largest trading partner for non-oil trade. Our container terminal in Yarımca is one of the most technologically advanced facilities in Europe and is an integral part of the trade corridor linking Asia, Europe, and Africa.”
DP World Yarimca container terminal in the İzmit Gulf is one of the largest in the country with a capacity of 1.15 million TEU and is one of the few facilities capable of berthing the world’s largest container ships. The port, located at the heart of Turkey largest industrial zone, aims to provide the best service available in the end-to-end supply chain to Turkey’s exporters and importers. The investment the firm has made in the terminal demonstrates its commitment to, and ambition for, the region. The business also offers end-to-end logistics and supply chain solutions to customers through a new entity, DP World Logistics, which was established in Turkey in 2022.
Ratification of the CEPA is expected in the second quarter of 2023 with a full programme of implementation to follow, with the aim of the agreement being to increase trade between Turkey and the UAE to the level of $40 billion in the next five years, according to projections from UAE officials.
It is anticipated that the CEPA will cover industries such as aggrotech, food security, and clean energy, as well as facilitating ongoing collaboration on construction and real estate projects.
