UAE, Georgia complete Comprehensive Economic Partnership Agreement talks
During the signing of the joint statement announcing the completion of the talks. WAM
The Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, and the Deputy Prime Minister and Minister of Economy and Sustainable Development of Georgia, Levan Davitashvili, signed a joint statement announcing the completion of talks aimed at reaching a comprehensive economic partnership agreement between the two countries, which establishes a new era of deeper, stronger and more integrated trade and investment relations between the two countries.
The signing of the joint statement in the Georgian capital, Tbilisi, came during the visit of a high-level Emirati delegation to Georgia, which included participation in the UAE-Georgia Business Forum.
The UAE-Georgia Comprehensive Economic Partnership Agreement, when signed and subsequently entered into force, will strengthen and diversify bilateral trade and economic relations by eliminating or significantly reducing tariffs, removing non-tariff barriers, and supporting trade in goods and services and investment.
Al Zeyoudi stressed that the Comprehensive Economic Partnership Agreement between the UAE and Georgia will provide important new opportunities for the private sector in both countries. "This important agreement with Georgia represents another major step forward in the UAE's foreign trade plans to expand the network of trading partners in markets of strategic importance regionally and globally," he said.
"Georgia's economy is based on free market principles that offer many promising opportunities for exporters and investors, and we look forward to developing opportunities in priority sectors such as agriculture, transport, tourism, renewable energy and e-commerce," he said, noting that the two countries are committed to strengthening business ecosystems to attract foreign direct investment, support innovation and accelerate diversification. For his part, Davitashvili pointed out that the comprehensive economic partnership agreement between the UAE and Georgia will be beneficial for both countries, as Georgia can be a gateway for UAE companies to the surrounding region's markets through the geographical location and business environment it provides, and on the other hand, the agreement will provide expanded opportunities to promote and develop various industries in Georgia and increase and diversify Georgian exports.
He said that the completion of the talks of the Comprehensive Economic Partnership Agreement between the UAE and Georgia in just three rounds confirms the depth of relations between the two countries and the availability of the common desire of both parties to strengthen the already established bilateral relations. It is noteworthy that the UAE continues to expand its network of trading partners around the world through the conclusion of comprehensive economic partnership agreements, as part of its plans to double its foreign trade and the size of the national economy by 2030, as the country has so far concluded four agreements with India, Israel, Indonesia and Turkey, and continues its talks to reach similar agreements in the coming weeks with markets of strategic importance regionally and globally on the international trade map.