Georgia, UAE reach free-trade agreement after three rounds of meetings

Bisola David
Bisola David
Georgia, UAE reach free-trade agreement after three rounds of meetings

In an effort to strengthen their economic connections, the UAE and Georgia have reached an agreement on a new trade deal that will lower tariffs and remove other barriers.

Arab News reported that the UAE’s minister of foreign trade, Thani bin Ahmed Al Zeyoudi, and Georgia’s vice prime minister and minister of economy and sustainable development,  Levan Davitashvili, signed a Comprehensive Economic Partnership Agreement.

The agreement comes as trade and investment relations between the UAE and Georgia strengthen; in 2022, bilateral non-oil commerce increased by 110 percent year over year to reach $468 million.

More than 63 percent of Georgia’s commerce with Arab nations currently comes from the UAE, and 5 percent of the UAE’s total foreign direct investments in Georgia go to the European nation, making the UAE Georgia’s sixth-largest investor globally.

Al Zeyoudi thinks that this agreement will create significant new prospects for both countries’ corporate sectors.

The successful conclusion of negotiations with Georgia, he continued, “represents another huge step forward in our foreign trade agenda and signals our ambition to build a truly global network of trade partners in strategically important parts of the world. We look forward to developing opportunities  in priority sectors such as agriculture, transportation, tourism, renewable energy and digital trade.”

The negotiation process was completed in only three rounds, according to Davitashvili, demonstrating both parties’ commitment to strengthening the existing solid bilateral relationship.

“I firmly believe that the formation of a free trade regime between Georgia and the UAE will be advantageous for both countries.

“Specifically, Georgia can act as the finest entryway for UAE businesses to the region due to its geographic location and business-friendly atmosphere.

“On the other side, the FTA will offer expanded chances to support and grow a variety of Georgian industries as well as boost and diversify exports from Georgia,” the speaker said.

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *