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UAE, Georgia begin talks on Comprehensive Economic Partnership Agreement

TBILISI, The first round of talks to reach a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the Republic of Georgia are ongoing in the Georgian capital, Tbilisi.

 

The agreement aims to drive economic growth in the two countries and boost the deep and growing relations between the two countries.

 

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the UAE is steadfast in expanding its base of economic partnerships with markets of regional and global strategic importance, in line with its plans to double its non-oil foreign trade to further its efforts to double the national economy to reach AED3 trillion by 2030. He added that these talks with Georgia support these goals, especially since the two countries share deep-rooted diplomatic and economic relations that have seen considerable growth in the past few years.

 

Dr. Al Zeyoudi explained that the talks aim to reach an agreement that contributes to advancing and expanding trade and investment relations between the two countries, with a focus on vital sectors such as agriculture, artificial intelligence (AI), tourism, transportation, energy, and others, while serving to enhance the capabilities of the private sector and promote startups and entrepreneurs, improving market access, and sustainably boosting the volume of bilateral trade.

 

The agreement will constitute a shared commitment to leveraging cooperation opportunities to advance mutual interests and benefit the business community in both countries, he continued.

 

Juma Mohammed Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the UAE Ministry of Economy, is heading the Emirati delegation participating in this tour, which includes representatives from all concerned authorities in the country.

 

The UAE’s non-oil foreign trade with Georgia is seeing an increasing growth, as it exceeded US$166 million in the first half of 2022, achieving a record growth of 104 percent, compared to the same period in 2021, while non-oil foreign trade between the two countries in 2021 amounted to over $223 million, growing by 52 percent compared to 2020.

 

The UAE also accounts for more than 63 percent of the total volume of Georgia’s trade with Arab countries.

 

Source: Emirates News Agency