UAE and Georgia sign comprehensive economic partnership agreement to boost trade

Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, joined forces with Irakli Garibashvili, the Prime Minister of Georgia, to witness the momentous signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Georgia. This crucial agreement aims to not only deepen the economic ties between these nations but also has the ambitious goal of doubling non-oil trade from its current value of $481 million to an impressive $1.5 billion in just a span of five years.

Irakli Garibashvili, the Prime Minister of Georgia, expressed his heartfelt gratitude to Sheikh Mohammed bin Rashid and UAE President Sheikh Mohamed bin Zayed Al Nahyan for their significant contributions to enhancing bilateral cooperation between the two countries. Their collective efforts have paved the way for this monumental agreement that is set to accelerate capital flow into crucial sectors, such as tourism, retail, logistics, and manufacturing, in both the UAE and Georgia.

With the removal or reduction of tariffs on an impressive 95 percent of product lines, the CEPA is poised to ignite non-oil trade value beyond the $1.5 billion mark within the next five years. This agreement sets the stage for unprecedented economic growth and increased collaboration between the UAE and Georgia.

The UAE-Georgia CEPA represents a vital component of the UAE's comprehensive global economic agreement program, designed to deepen trade and investment ties, drive growth in priority industries, generate employment opportunities, and streamline market access for businesses from the UAE and Georgia across the Middle East, Asia, and Europe.

This agreement perfectly aligns with the UAE's overarching foreign trade agenda, which aims to strengthen economic ties with strategic allies worldwide, thereby accelerating economic recovery and securing vital supply chains. The CEPA is expected to come into full force early next year, following the required ratification process on both sides, ushering in a new era of bilateral trade and cooperation between the UAE and Georgia.

Source: Gulf Business