Georgia, UAE deal to ensure “stronger, consolidated” trade, economic ties - PM

Georgian Prime Minister Irakli Garibashvili on Tuesday said the comprehensive economic partnership agreement signed between Georgia and the United Arab Emirates earlier during the day had laid a “solid foundation” for the development of “stronger and consolidated” trade and economic relations between the countries.

The prime ministers of the two countries participated remotely in the signing ceremony hosted in the UAE, the Government Administration said, with Garibashvili noting strengthening relations with the UAE was a “very important priority” for his Government. 

I am sure this new stage of relations between the two countries will contribute to the activation and simplification of trade and economic relations for the benefit of our people”, he said. 

Mohammed bin Rashid Al Maktoum, the Prime Minister of the UAE, said the agreement would be a “new milestone” in the relations between the countries.

I am sure today's agreement will provide many opportunities for our countries in the future”, the official pointed out.

The deal is scheduled to come into effect by the first quarter of 2024 and add at least $4 billion to the Gulf country's gross domestic product by 2031, The National media outlet has said.

Once enacted, the pact will eliminate or significantly reduce tariffs, remove non-tariff barriers and promote trade in goods, services and investment.