The United Arab Emirates and Georgia have reached a new trade deal that will reduce tariffs and remove other barriers as the two countries seek to strengthen economic ties. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, and Levan Davitashvili, Deputy Prime Minister and Minister of Economy and Sustainable Development of Georgia, signed the comprehensive economic partnership agreement.

The deal comes amid growing trade and investment ties between the UAE and Georgia, with bilateral non-oil trade set to grow 110% year-on-year to $468 million by 2022. The UAE now accounts for more than 63% of Georgia's total trade with Arab countries, while its funds to European countries account for 5% of its total foreign direct investment, making the UAE the sixth largest global investor in Georgia.

Al Zeyoudi believes the deal will open up important new opportunities for the private sector in both countries. The successful conclusion of the negotiations with Georgia represents another major step forward in our foreign trade agenda and demonstrates our ambition to build a truly global network of trading partners in a strategically important part of the world. Georgia is an economy based on our Free market principles that hold great promise for our exporters and investors, and we look forward to opportunities in priority areas such as agriculture, transport, tourism, renewable energy and digital trade.

Davitashvili said the conclusion of the talks after only three rounds showed the commitment of both parties to further strengthen the bilateral relationship that had been established. I firmly believe that a free trade regime between Georgia and the UAE will benefit both countries.Editor/XingWentao