Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Levan Davitashvili, Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia, signed a joint statement confirming the successful conclusion of negotiations towards the UAE-Georgia Comprehensive Economic Partnership Agreement (CEPA), which lays the foundation for deeper, stronger and more integrated economic relations between the two nations.
The signing took place in Georgia’s capital Tbilisi during a UAE delegation’s visit to the country, which included a meeting of the UAE-Georgian Business Forum, Emirates News Agency (WAM) reported.
Once implemented, the CEPA will enhance and diversify bilateral trade and economic relations by eliminating or significantly reducing tariffs, removing non-tariff barriers and promoting trade in goods, services and investment.
The deal comes amid rapidly advancing trade and investment ties between the UAE and Georgia. In 2022, bilateral non-oil trade was worth US$468 million, representing an impressive 110 percent growth compared to 2021. The UAE now accounts for more than 63 percent of the total volume of Georgia’s trade with Arab countries, while its investments into Georgia represent 5 percent of its total FDI, making the UAE Georgia’s sixth-largest global investor.
SOURCE: BAHRAIN NEWS AGENCY