The Comprehensive Economic Partnership Agreement (CEPA) signed between the United Arab Emirates (UAE) and Turkey has been warmly welcomed by DP World. The Dubai-based ports and logistics operator says it is confident the agreement can deliver on its aim to increase trade between Turkey and the UAE to US $40 billion in the next five years.
Ratification of the CEPA is expected in the second quarter of 2023 with a full programme of implementation to follow. 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.
Over the past two decades, DP World has been a key driver of UAE – Turkey trade. Jebel Ali port accounted for 93.25% of the total US $8.9 billion of trade in 2020 between Turkey and the UAE, assisted by 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, Turkey was the UAE’s 10th largest trading partner, with bilateral trade valued at close to $9 billion. Bilateral trade reached $18.9 billion in 2022, and Turkey is now the UAE’s sixth largest trading partner for non-oil trade.”
The DP World Yarimca container terminal in the İzmit Gulf is one of the largest in the country with an annual capacity of 1.15 million TEU and is one of the few facilities in the country that is capable of berthing the world’s largest container ships. The business also offers logistics and supply chain solutions to customers through a new entity, DP World Logistics, which was established in Turkey in 2022.