UAE-Georgia CEPA to usher in new era of trade

Emirati ministers and officials have stressed the importance of the Comprehensive Economic Partnership (CEPA) between the UAE and Georgia, which aims to increase bilateral non-oil trade to $1.5 billion in five years.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Irakli Garibashvili, Prime Minister of Georgia, witnessed the signing ceremony today in Dubai in the presence of a number of ministers and senior officials.

The agreement was signed during a virtual ceremony by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Levan Davitashvili, Georgia’s Vice Prime Minister and Minister of Economy and Sustainable Development.

The pact is part of the UAE’s new foreign trade agenda, which seeks deeper ties with strategic allies around the world to accelerate economic recovery and secure vital supply chains.

In addition to removing or reducing tariffs on the majority of goods, the agreement will help eliminate unnecessary barriers to trade and create a new alliance of growth that connects the Gulf and the Caucasus region.

Sheikh Mohammed said that the UAE is the sixth largest global investor in Georgia and the country's largest trading partner in the Arab world.

The UAE-Georgia CEPA is expected to enter into force early next year.

Another milestone in the #UAE's foreign trade agenda: With #Georgia’s Minister of Economy HE Levan Davitashvili, we have signed a Comprehensive Economic Partnership Agreement that will pave the way for a new era of trade and investment cooperation between our two nations.🇦🇪🇬🇪 pic.twitter.com/LGiymnn3ii

— د. ثاني أحمد الزيودي (@ThaniAlZeyoudi) October 10, 2023

"The UAE-Georgia Comprehensive Economic Partnership Agreement is the latest step in our journey towards a resilient, outward-looking and future-ready economy," said Mohamed Bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs.

"Georgia’s location between the Middle East, Asia, and Europe ensures it has considerable potential as a regional and international trade hub, and the expertise of our private sector and the resources of our investment community can help it develop and expand key sectors such as logistics, transport, tourism and hospitality," added Suhail Bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure.

Sultan Al Jaber, Minister of Industry and Advanced Technology said that the CEPA will drive a new era of bilateral trade and investment and the UAE’s main non-oil export categories will find a receptive market in Georgia’s rapidly developing industrial sector.

Abdulla Bin Touq Al Marri, UAE Minister of Economy pointed out that Georgia's GDP grew by 10.1 per cent in 2022, demonstrating remarkable resilience during a year full of challenges facing the global economy.

"Through this latest agreement, the United Arab Emirates and Georgia can build an ambitious and mutually beneficial future partnership that will stimulate more prosperity in high-growth sectors and usher in a new era of opportunities for the two friendly countries," he explained.