Georgia, UAE officially sign comprehensive economic partnership agreement
In his turn, Al Zeyoudi expressed hope that the private sector of both countries would “fully benefit” from the opportunities offered by the agreement and noted the comprehensive economic partnership would bring bilateral trade relations between Georgia and UAE to “a new level”. Photo via Economy Ministry
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The comprehensive economic partnership agreement was officially signed on Tuesday in Dubai by the Georgian Economy Minister Levan Davitashvili and Thani bin Ahmed Al Zeyoudi, the UAE State Minister for Foreign Trade.
Davitashvili called the signing of the deal “the beginning of a new stage” in the relations between Georgia and the UAE, and said it was in line with Georgia’s trade policy to have open trade relations with “interesting, promising countries”, which would allow to attract more investments, increase trade turnover and contribute to economic growth.
He highlighted the UAE as “one of the leading economies in the world” and noted it was “particularly exemplary” how the country was able to “transform in a short period of time”.
The agreement on economic partnership is a favourable document for both countries, Georgia has a free trade agreement with two very important economic blocs - these are both EU countries and China, and of course, this provides special opportunities for companies investing in Georgia, to benefit from the outputs of these two large markets”, Davitashvili stressed.
The Minister also emphasised that Prime Minister Irakli Garibashvili’s visit to the UAE in November last year, “has created a particularly positive dynamic” between the two states.
In his turn, Al Zeyoudi expressed hope that the private sector of both countries would “fully benefit” from the opportunities offered by the agreement and noted the comprehensive economic partnership would bring bilateral trade relations between Georgia and UAE to “a new level”.
Thani bin Ahmed Al Zeyoudi, the UAE State Minister for Foreign Trade. Photo via Economy Ministry
He highlighted the “sufficiently solid foundation” of trade and economic relations between the two states, which was reflected in the increased trade turnover in 2022 and 2023 years.
The agreement will open the UAE’s 10 million consumer market with “high purchasing power” for 97.5 percent of Georgian products, it will eliminate or significantly reduce tariffs and promote trade in goods, services and investment.