UAE + Georgia launch CEPA, slashing custom duties on 95% of goods

The UAE and Georgia have launched their Comprehensive Economic Partnership by removing or reducing customs duties on 95% of goods to boost trade in sectors like tourism, real estate, and renewable energy, Wam reported last week. By 2031, bilateral trade could triple to USD 1.5 bn, adding USD 3.9 bn to the UAE's GDP and USD 291 mn to Georgia’s. The UAE accounts for over 63% of Georgia’s trade with the region, and bilateral non-oil trade rose by 6.3% y-o-y in 2023 to USD 511.2 mn.

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Background: The UAE’s State for Foreign Trade Minister Thani bin Ahmed al Zeyoudi and Georgia’s Economic and Sustainable Development Minister Natia Turnava began talks on developing the CEPA back in 2021, Wam reported.