His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, and His Excellency Irakli Garibashvili, Prime Minister of Georgia, today witnessed the signing of the Comprehensive Economic Partnership Agreement between the United Arab Emirates and Georgia, which aims to double non-trade. Oil prices from 481 million US dollars to 1.5 billion annually within 5 years.
His Highness stressed that the UAE, under the leadership of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, is always keen to build bridges of friendship and cooperation with all countries that share its vision of building a bright future for current and future generations.
His Highness added: “The comprehensive economic partnership with Georgia reflects our consistent approach to stimulating economic growth and trade and investment exchange with friendly countries, which contributes to reviving international trade and helping the global economy face current challenges.”
His Highness Sheikh Mohammed bin Rashid Al Maktoum stressed that the UAE realizes that stability and peace begin by strengthening international cooperation and economic growth. His Highness said: “We have a firm belief in the UAE that international cooperation and economic growth are capable of achieving stability and peace and enhancing the quality of people’s lives.”
The agreement signing ceremony took place during a virtual event via video communication technology, and was signed by the representative of the UAE, His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and on the Georgian side, His Excellency Levan Davitashvili, Deputy Prime Minister and Minister of Economy and Sustainable Development.
For his part, His Excellency the Georgian Prime Minister expressed his thanks to His Highness Sheikh Mohammed bin Zayed Al Nahyan for supporting the process of cooperation between the two countries, which contributed to signing this comprehensive economic partnership with the United Arab Emirates.
His Excellency added: “Through our partnership with the UAE, we aim to consolidate the strategic partnership between the two countries and enhance cooperation in all economic, trade and investment sectors, in the interest of the two friendly countries and peoples.”
His Excellency the Georgian Prime Minister stressed the UAE’s position as one of the prominent economic destinations in the world, and His Excellency said: “The agreement reflects Georgia’s keenness to strengthen its relations with one of the most prominent leading countries in the fields of innovation and development in the world – the United Arab Emirates, and we are all confident in what This partnership will provide positive results that will establish a better future for our people.”
The Comprehensive Economic Partnership Agreement with Georgia is the sixth concluded by the UAE to expand its network of trading partners around the world, as part of its plans to double its non-oil foreign trade to 4 trillion dirhams, and UAE exports to 800 billion dirhams by 2031.
His Excellency Dr. Thani bin Ahmed Al Zeyoudi stressed that signing the Comprehensive Economic Partnership Agreement with Georgia is an important step in the plans to expand the network of trade partners around the world, especially since Georgia enjoys a strategic location on the map of international trade, which provides a new window for UAE exports and companies to grow and expand. Georgia has promising economic development prospects, which makes it attractive for foreign direct investment.
His Excellency said: “The Comprehensive Economic Partnership Agreement between the UAE and Georgia brings together two countries with multiple points of economic integration. Both countries have vibrant, rapidly growing economies, and both share a similar vision to attract foreign direct investment, with policies that stimulate business and investment.
Al-Zeyoudi added that the Comprehensive Economic Partnership Agreement between the UAE and Georgia will work to enhance sustainable growth in the two countries, and will create more opportunities for partnership and constructive cooperation between the private sectors on both sides.
For his part, His Excellency Levan Davitashvili, Deputy Prime Minister and Minister of Economy and Sustainable Development of Georgia, stressed the importance of the economic partnership agreement, and said: “The agreement establishes a free trade system between Georgia and the United Arab Emirates, which will benefit both countries, as Georgia can serve as the best gateway for companies.” Emirates wishing to access the region, thanks to the geographical location and the business environment it provides. On the other hand, the agreement will provide great opportunities to strengthen and develop various industries in Georgia and increase the scope of exports.”
The comprehensive economic partnership agreement between the UAE and Georgia aims to advance trade and investment relations to new heights, inaugurate an era of partnership and joint economic growth, and create opportunities for the business communities in the two countries to grow and expand, in addition to deepening relations, accelerating growth in priority sectors, and creating new job opportunities in the country. The two countries, strengthening supply chains, and facilitating access to markets around the world for Emirati and Georgian exporters and companies.
According to feasibility studies, the comprehensive economic partnership agreement between the UAE and Georgia, which will enter into force early next year, will double bilateral non-oil trade from its current level of 481 million US dollars to reach 1.5 billion dollars annually within 5 years, by eliminating or Reducing customs duties on 95% of goods and products exchanged between the two countries, which represents more than 90% of the total value of intra-oil non-oil trade.
The agreement builds on a solid foundation of growing relations between the UAE and Georgia, as non-oil trade flows witnessed record growth over the past years, and increased 115% during 2022 to $468 million compared to 2021.
Non-oil intra-trade also continued to flourish in the first half of 2023, recording more than $225 million, a growth of 28% compared to the first half of 2022.
The UAE is the largest trading partner of Georgia in the Arab world, with a share of more than 63% of its total trade with Arab countries.
The UAE is also the sixth largest global investor in Georgia, with a share of 5% of the total foreign direct investment coming into Georgia, while investments between the two countries exceeded one billion US dollars at the end of 2021, and the agreement will stimulate investment flows between the two countries, especially in priority sectors. Such as tourism, retail, logistics, manufacturing, and others.
It is noteworthy that the UAE had concluded five comprehensive economic partnership agreements with India, Turkey, Israel, Indonesia, and Cambodia, before signing the sixth with Georgia, within the program of global economic agreements.
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