Georgia and the United Arab Emirates signed an agreement on a comprehensive economic partnership and free trade between the countries.
As of January-August 2023, products worth $32.43 million were exported from Georgia to the UAE, which is 80% more than in the same period in 2022. As for imports, over the 8 months of 2023, Georgia received products from the UAE worth $244.396 million, 71% more than in the same period in 2022, EastFruit reports with reference to Business Georgia.
Director of the Export Development Association Georgiy Gurabanidze stated the importance of signing a free trade agreement with the United Arab Emirates. According to him, Georgia will receive considerable benefits from this agreement. “The country should have as many free trade agreements with developed countries as possible because this is the first and most important lever of our economic independence so that we do not depend on volatile markets such as Russia. As for the UAE and the Gulf region, having a free trade agreement with them is critically important,” he said.
He says this is due to several factors contributing to trade growth between countries.
“We are very well connected logistically with these countries. For example, we have direct flights, which take only 3-4 hours. This is important not only from a tourist point of view but also for business – the availability of direct flights and the close distance mean that many goods can be exported there. The population of the Gulf countries has high purchasing power. They are willing to pay a lot for a product of appropriate quality. In addition, this is a region where it is impossible to grow fruits and vegetables, so they must be imported,” says Giorgi Gurabanidze.
Read also: UAE retail is interested in expanding the assortment of Georgian products
Georgian Economy Minister Levan Davitashvili said that 97.5% of Georgian products will be included in the list of goods that can be exported to the Emirates without tariffs.
According to the minister, 87% of Georgia’s exports currently go to countries with a free trade regime – products of Georgian origin can reach 1/3 of the world consumer market within the framework of such preferences – 2.3 billion consumers and 45 countries.
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