UAE and Georgia have signed the Comprehensive Economic Partnership Agreement (CEPA) in order to increase the bilateral non-oil trade between the two countries to $1.5 billion in five years.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Mr. Irakli Garibashvili, Prime Minister of Georgia, witnessed the signing ceremony in the presence of a number of ministers and senior officials from the UAE and Georgia.
Mr. Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, said that, “The UAE-Georgia Comprehensive Economic Partnership Agreement is the latest step in our journey towards a resilient, outward-looking, and future-ready economy.”
“The CEPA agenda is one of the principal tools in securing in the UAE’s financial sustainability and strengthening the representation of our financial interests across the world, both of which will consolidate our reputation as a trusted partner for trade and investment. It also supports our ongoing commitment to fostering an environment conducive to FDI, enhancing the nation’s value proposition as a global hub for business,” Mr. Al Hussaini added.
“The UAE-Georgia Comprehensive Economic Partnership Agreement represents another pillar of our nation’s foreign trade agenda, which is making a significant contribution to our national growth targets. Georgia’s location between the Middle East, Asia, and Europe ensures it has considerable potential as a regional and international trade hub, and the expertise of our private sector and the resources of our investment community can help it develop and expand key sectors such as logistics, transport, tourism, and hospitality. Importantly, Georgia has a clear and proven commitment to renewable energy, which provides an opportunity for both capacity building and knowledge sharing. Renewables contribute 85 percent of the nation’s electricity generation, among the highest in the world, and they have pledged to increase this further through investment in solar, wind, hydrogen, and geothermal projects. This opens the door to partnership opportunities as we look to scale our own commitment to alternative energy sources.”
The UAE-Georgia CEPA is part of the UAE’s new foreign trade agenda, which seeks deeper ties with strategic allies around the world to accelerate economic recovery and secure vital supply chains. The UAE-Georgia agreement is expected to enter into force later this year.
Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, stated that the signing of the Comprehensive Economic Partnership Agreement with Georgia offers exciting new opportunities for the UAE’s exporters, industrialists, and manufacturers.
Dr. Al Jaber further noted that the UAE-Georgia CEPA will drive a new era of bilateral trade and investment. He affirmed that the UAE’s main non-oil export categories will find a receptive market in Georgia’s rapidly developing industrial sector and the wider economy.
Mr. Abdulla Bin Touq Al Marri, Minister of Economy, commented that, “CEPA represents a new step forward in the UAE’s foreign trade agenda, embodying our ambition to build a network of trading partners in strategically important regions around the world. The agreement links the UAE to one of the most resilient economies in the Caucasus region.”
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