UAE-Georgia CEPA to usher in new period of commerce

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Emirati ministers and officers have careworn the significance of the Comprehensive Economic Partnership (CEPA) between the UAE and Georgia, which goals to extend bilateral non-oil commerce to $1.5 billion in 5 years.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Irakli Garibashvili, Prime Minister of Georgia, witnessed the signing ceremony as we speak in Dubai within the presence of various ministers and senior officers.

The settlement was signed throughout a digital ceremony by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Levan Davitashvili, Georgia’s Vice Prime Minister and Minister of Economy and Sustainable Development.

The pact is a part of the UAE’s new international commerce agenda, which seeks deeper ties with strategic allies all over the world to speed up financial restoration and safe very important provide chains.

In addition to eradicating or lowering tariffs on the vast majority of items, the settlement will assist get rid of pointless obstacles to commerce and create a brand new alliance of progress that connects the Gulf and the Caucasus area.

Sheikh Mohammed stated that the UAE is the sixth largest world investor in Georgia and the nation’s largest buying and selling associate within the Arab world.

The UAE-Georgia CEPA is anticipated to enter into power early subsequent yr.

Another milestone within the #UAE‘s international commerce agenda: With #Georgia’s Minister of Economy HE Levan Davitashvili, we’ve got signed a Comprehensive Economic Partnership Agreement that can pave the best way for a brand new period of commerce and funding cooperation between our two nations.🇦🇪🇬🇪 pic.twitter.com/LGiymnn3ii

— د. ثاني الزيودي (@ThaniAlZeyoudi) October 10, 2023

“The UAE-Georgia Comprehensive Economic Partnership Agreement is the latest step in our journey towards a resilient, outward-looking and future-ready economy,” stated Mohamed Bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs.

“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,” added Suhail Bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure.

Sultan Al Jaber, Minister of Industry and Advanced Technology stated that the CEPA will drive a brand new period of bilateral commerce and funding and the UAE’s principal non-oil export classes will discover a receptive market in Georgia’s quickly creating industrial sector.

Abdulla Bin Touq Al Marri, UAE Minister of Economy identified that Georgia’s GDP grew by 10.1 per cent in 2022, demonstrating outstanding resilience throughout a yr filled with challenges going through the worldwide economic system.

“Through this latest agreement, the United Arab Emirates and Georgia can build an ambitious and mutually beneficial future partnership that will stimulate more prosperity in high-growth sectors and usher in a new era of opportunities for the two friendly countries,” he defined.