The UAE and Georgia have started talks on a Comprehensive Economic Partnership Agreement (CEPA).
The first round of talks between the two countries is underway in the Georgian capital Tbilisi, official news agency WAM reported.
The deal aims to spur economic growth in the two countries and foster growing ties.
That #UAE has started #CEPA negotiations with #Georgia to advance economic, trade and investment relations with this burgeoning economy. Bilateral non-oil trade reached $166 million in the first half of 2022, up 104% from 2021 – a strong platform on which to build a new chapter in our relationship. 🇦🇪🇬🇪
— ï. ثاني الزيودي (@ThaniAlZeyoudi) September 27, 2022
dr Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi said the UAE is relentlessly expanding its base of economic partnerships with markets of regional and global strategic importance.
This is in line with the country’s plans to double its non-oil foreign trade to further boost the national economy and reach Dhs3 trillion by 2030.
The talks aim to reach an agreement that will help advance trade and investment ties between the two countries, with a focus on sectors such as agriculture, artificial intelligence (AI), tourism, transport, energy and others. They also aim to improve private sector capabilities, boost start-ups and entrepreneurs and improve market access, added Dr. Added Al Zeyoudi.
Juma Mohammed Al Kait, Deputy Secretary of State for Foreign Trade Affairs at the UAE Ministry of Economy, is leading the Emirates delegation taking part in this tour.
UAE’s non-oil foreign trade with Georgia surpassed US$166 million in the first half of 2022, growing by 104 percent compared to the same period in 2021. Non-oil foreign trade between the two countries amounted to to over $223 million in 2021. Growth of 52 percent compared to 2020. The UAE also accounts for more than 63 percent of the total volume of Georgia’s trade with Arab countries.
The UAE signed three comprehensive Economic Partnership Agreements this year, one each with India, Israel and Indonesia.
The agreement with India was signed in February this year, while the pact with Israel was signed in May.
Read: United Arab Emirates and India sign comprehensive economic partnership agreement
Read: United Arab Emirates and Israel sign comprehensive economic partnership agreement
Meanwhile, the agreement with Indonesia was signed in July.
Read: United Arab Emirates and Indonesia sign comprehensive economic partnership agreement
The UAE’s deals with India, Israel and Indonesia will help the national economy grow 2.6 percent by 2030, said Dr. Al Zeyoudi in July.
Read: UAE’s CEPA pacts set to boost economy by 2.6% by 2030 – Minister