Georgian Economy Minister, UAE Foreign Trade State Minister discuss economic relations, partnership deal

Georgian Economy Minister Levan Davitashvili and Thani bin Ahmed Al Zeyoudi, the United Arab Emirates State Minister for Foreign Trade, on Tuesday discussed trade and economic relations, as well as the comprehensive economic partnership agreement signed between the two states earlier during the day.

At the meeting, the officials “positively assessed” that the negotiations on the deal were completed in “a record time” - in only three rounds, which was “a sign” of the commitment of both sides to further strengthening already well-established bilateral relations between Georgia and the UAE.

The sides also discussed the trade turnover between the two states in the first eight months of this year, which increased by 72 percent and reached $276 million compared to the same period of the previous year, the Economy Ministry said.

At the joint press conference after the meeting, Davitashvili and Al Zeyoudi emphasised that the economic partnership agreement would be “a serious basis and incentive” for cooperation between the countries in both the trade-economic and investment spheres.

The exports and imports between Georgia and the UAE have also increased, with exports reaching 51 percent growth and imports 98 percent, Davitashvili also highlighted.

Photo via Economy Ministry

These figures do not correspond to the potential of our countries and we must direct all our efforts towards their improvement. I firmly believe that the establishment of a free trade regime between Georgia and the UAE will be beneficial for both countries”, the Minister noted.

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