UAE, Georgia sign Comprehensive Economic Partnership Agreeme...| MENAFN.COM

Wednesday, 29 March 2023 11:38 GMT

UAE, Georgia sign Comprehensive Economic Partnership Agreement to boost trade ties

(MENAFN) The United Arab Emirates (UAE) and Georgia have signed a Comprehensive Economic Partnership Agreement aimed at strengthening economic ties between the two countries. The agreement will see the reduction of tariffs and the removal of other barriers to trade, paving the way for increased bilateral trade and investment. The deal was signed by the UAE’s foreign trade minister Thani bin Ahmed Al Zeyoudi and Georgia’s Vice Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.

The UAE and Georgia have seen significant growth in their trade and investment ties in recent years, with bilateral non-oil trade increasing by 110 percent year-on-year in 2022, totaling USD468 million. The UAE is now the largest trading partner for Georgia among Arab countries, accounting for more than 63 percent of its total trade volume. Additionally, the UAE is the sixth largest global investor in Georgia, with its funding representing 5 percent of Georgia’s total foreign direct investments.

Al Zeyoudi sees the agreement as a major step forward for both countries' private sectors, opening up new opportunities for trade and investment. He emphasized the UAE's commitment to building a global network of trade partners in strategically important parts of the world. Al Zeyoudi also highlighted Georgia's promising economic potential for UAE exporters and investors, particularly in priority sectors such as agriculture, transportation, tourism, renewable energy, and digital trade.

Davitashvili echoed Al Zeyoudi's optimism, stating that concluding the negotiations in only three rounds is a testament to the dedication of both parties to strengthen their already well-established bilateral relationship. He believes that the establishment of a free trade regime between Georgia and the UAE will benefit both countries. Georgia's strategic location and business environment make it an ideal gateway for UAE companies to the region, while the FTA will provide extended opportunities to promote and develop different industries in Georgia and increase and diversify Georgian exports.

The signing of the Comprehensive Economic Partnership Agreement is expected to further boost trade and investment ties between the UAE and Georgia, enhancing their economic cooperation and driving growth for both countries. The agreement also reflects the UAE's continued efforts to expand its trade partnerships globally and establish itself as a key player in the global economy.


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