ECONOMY

Georgia-UAE comprehensive economic partnership agreement takes effect

27.06.24 17:10


The agreement on a comprehensive economic partnership between Georgia and the United Arab Emirates, which provides for the liberalization of products and services produced in Georgia, entered into force today. According to Gennadi Arveladze, the Deputy Minister of Economy and Sustainable Development, this agreement, essentially a new generation free trade agreement, will further deepen economic integration between the two countries.

 

Following the implementation of the agreement, the UAE will immediately open its market to several key Georgian products such as beef and mutton, honey, nuts, mineral water, most fruit and vegetable preserves, non-alcoholic beverages, nitrogen fertilizers, and textile products.

 

The United Arab Emirates is already Georgia’s leading trade partner among Arab countries. In 2023, the trade turnover between Georgia and the UAE increased by 39% compared to the same period in the previous year, with exports rising by 73%. Additionally, the volume of investments from the UAE in Georgia increased by 29%.

 

 

1tv.ge

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