The United Arab Emirates is close to signing six new CEPAs by the end of the year
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Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, announced that the United Arab Emirates is close to finalizing several new comprehensive economic partnership agreements (CEPA) with South Korea, Thailand, Chile, Costa Rica, Colombia and Ukraine. He hoped to complete the signing of the six new CEPAs before the end of the year.
Speaking on the sidelines of a press conference to announce the CEPA between the United Arab Emirates and Georgia, Al Zeyoudi He said the comprehensive partnership agreement with Georgia is the sixth for the UAE. He noted that Georgia has a strategic location and has achieved strong growth rates over the past three years that reached 10% in 2022.
He noted the significant growth in trade between the two countries and said the agreement will help accelerate and boost bilateral trade. He called on the private sector to take advantage of the available opportunities and use the agreement to establish a presence in the Caucasus region.
Al Zeyoudi He said that trade between both countries reached close to $481 million last year, with a growth of 115%. In the first half of this year, trade grew by 28% to reach $225 million. He expects trade to reach $1.5 billion in the next five years.
He also highlighted the strong growth of UAE investments in Georgia, making the Emirates the sixth largest investor in Georgia globally, with a 5% share of total foreign investment. He said the UAE’s investments focus on infrastructure and hospitality.
Al Zeyoudi He also noted that there is great interest in the renewable energy sector and that there are ongoing discussions for several projects.
News source: Emirates News Agency
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