Turkey, UAE ratify $40 billion trade deal after Erdogan's victory

ANKARA —  The United Arab Emirates and Turkey ratified on Wednesday a cooperation agreement aiming to raise bilateral trade to $40 billion within five years.

Thani al-Zeyoudi, the minister of state for foreign trade, announced the deal on Twitter. “This deal marks a new era of cooperation in our long-standing friendship,” al-Zeyoudi wrote, adding that the deal  would help push bilateral non-oil trade between the countries over $40 billion in the next five years.

Abu Dhabi’s ratification came days after President Recep Tayyip Erdogan’s election victory. 

Turkey ratified the deal in April after it was signed by Erdogan and his Emirati counterpart, Crown Prince Mohammed bin Zayed Al Nahyan, in March.