Georgian Deputy Economy Minister says new deal with UAE to strengthen economic ties

Georgian Deputy Economy Minister Genadi Arveladze on Thursday announced the country’s Comprehensive Economic Partnership Agreement with the United Arab Emirates had officially taken effect, adding the deal on free trade would “strengthen economic ties” between the two nations.

The attractiveness of Georgia is strengthened by the fact that the country has a free trade agreement with two large economies - the European Union and China. This strategic advantage of Georgia allows Arab companies to take advantage of investment opportunities and gain access to these markets”, Arveladze said.

The Ministry of Economy said the agreement aimed to liberalise the trade of products and services produced in Georgia, noting it was the first agreement of its kind for the country with an Arab state in the Gulf region.

• Georgia, UAE officially sign comprehensive economic partnership agreement

Following the Agreement’s implementation, the EUA will promptly open its market to key Georgian products including beef, mutton, honey, hazelnuts, mineral water, various preserves, non-alcoholic beverages, nitrogen fertilisers, textile products and more, the body said.

The UAE currently stands as Georgia’s leading trade partner among Arab nations, with trade turnover having increased by 39 percent in 2023 compared to the previous year, including a 73 percent surge in exports, according to the Ministry.

The body added the Agreement was poised to foster increased investment in various sectors, noting data from 2023 indicated a 29 percent increase in investments in Georgia from the UAE.