UAE, Georgia begin talks on comprehensive economic partnership agreement

The UAE and Georgia have begun talks regarding a comprehensive economic partnership agreement (CEPA).

The first round of talks between the two countries are ongoing in the Georgian capital, Tbilisi, official news agency WAM reported.

The agreement aims to drive economic growth in the two countries and boost growing relations.

The #UAE has launched #CEPA negotiations with #Georgia to advance economic, trade & investment ties with this emerging economy. Bilateral non-oil trade hit US$166m in H1 2022, up 104% from 2021 – which is a strong platform on which to build a new chapter in our relationship. ????

— د. ثاني الزيودي (@ThaniAlZeyoudi) September 27, 2022

Dr. Thani bin Ahmed Al Zeyoudi, minister of state for foreign trade, said that the UAE is steadfast in 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 increase the national economy to reach Dhs3tn by 2030.

The talks aim to reach an agreement that contributes to advancing trade and investment relations between the two countries, with a focus on sectors such as agriculture, artificial intelligence (AI), tourism, transportation, energy, and others. They also aim to enhance the capabilities of the private sector and promote startups and entrepreneurs and improve market access, Dr. Al Zeyoudi added.

Juma Mohammed Al Kait, assistant under-secretary for foreign trade affairs at the UAE Ministry of Economy, is heading the Emirati delegation participating in this tour.

The UAE’s non-oil foreign trade with Georgia exceeded $166m in the first half of 2022, growing 104 per cent, compared to the same period in 2021. The non-oil foreign trade between the two countries in 2021 amounted to over $223m, growing by 52 per cent compared to 2020. The UAE also accounts for more than 63 per cent 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 inked in May.

Read: UAE and India sign Comprehensive Economic Partnership Agreement

Read: UAE, Israel sign comprehensive economic partnership agreement

The agreement with Indonesia, meanwhile, was signed in July.

Read: UAE, Indonesia sign comprehensive economic partnership agreement

The UAE’s agreements with India, Israel and Indonesia will help grow the national economy by 2.6 per cent by 2030, Dr Al Zeyoudi said in July.

Read: UAE’s CEPA pacts to grow economy by 2.6% by 2030 – minister