UAE and Georgia sign comprehensive economic partnership agreement to boost trade

UAE and Georgia sign comprehensive economic partnership agreement to boost trade

Image credit: WAM

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 of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Georgia.

The CEPA aims to double non-oil trade from $481m to $1.5bn in five years.

Strengthening economic ties

Sheikh Mohammed bin Rashid Al Maktoum emphasised the UAE’s commitment to fostering economic growth and trade with friendly nations that share the same vision of building a prosperous future.

The partnership with Georgia underlines the UAE’s dedication to stimulating international trade and supporting global economic stability in the face of current challenges.

Irakli Garibashvili, Prime Minister of Georgia, expressed gratitude to Sheikh Mohammed bin Rashid and UAE President Sheikh Mohamed bin Zayed Al Nahyan for their significant contributions to enhancing bilateral cooperation.

The CEPA is expected to accelerate capital flow into high-priority sectors, such as tourism, retail, logistics, and manufacturing, in both countries.

By removing or reducing tariffs on 95 per cent of product lines, the agreement is set to boost non-oil trade value beyond $1.5bn in the next five years.

UAE, Georgia trade

The UAE and Georgia have been enjoying growing economic relations, with non-oil trade exceeding $225m