Georgia and the UAE have Reached A free-trade Agreement

Last updated Mar 18, 2023

The UAE and Georgia have signed a Comprehensive Economic Partnership Agreement to strengthen economic ties by eliminating barriers and reducing tariffs. The agreement was signed by the foreign trade minister of UAE, Thani bin Ahmed Al Zeyoudi, and Georgia’s Vice Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.

As trade and investment links between the UAE and Georgia continue to expand, the two countries have witnessed a year-on-year increase of 110% in bilateral non-oil trade, amounting to $468 million in 2022. Currently, the UAE accounts for over 63% of Georgia’s trade volume with Arab countries, and is the sixth-largest global investor in the European country, with 5% of its total foreign direct investments directed towards Georgia.

Al Zeyoudi believes this deal will open up important new opportunities for the private sectors in both countries.

The foreign trade minister of the UAE, Thani bin Ahmed Al Zeyoudi, stated that the successful conclusion of negotiations with Georgia is a significant achievement in their foreign trade agenda, indicating their aim to establish a global network of trade partners in crucial parts of the world. He also expressed that Georgia, with its free-market economy, has great potential for UAE exporters and investors, and they look forward to exploring opportunities in sectors such as agriculture, transportation, tourism, renewable energy, and digital trade.

Davitashvili said that concluding the negotiations in only three rounds is a sign of dedication of both parties to further bolster the already well-established bilateral relationship.

He added: “I strongly believe that the establishment of a free trade regime between Georgia and UAE will be of benefit for both countries.

“Namely, Georgia can serve as a best gateway for the UAE companies to the region, with the geographic location and business environment it offers.

“On the other hand, the FTA will provide extended opportunities to promote and develop different industries in Georgia and increase and diversify Georgian exports.”