ABU DHABI, Jul 10 (WAM/APP/DNA):Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, stated that “Azerbaijan is a hugely valuable trade and investment partner for the UAE.
Located in the increasingly influential Caucasus region, at the crossroads of Eastern Europe and Western Asia, it enjoyed a 4.1% increase in GDP in 2024, with its non-oil sector growing 6.3%. Our bilateral non-oil trade mirrors this growth, climbing 36.2% last year to reach US$2.24 billion, which represents 50% of Azerbaijan’s trade with the GCC,” Dr Al Zeyoudi told the Emirates News Agency (WAM) after the UAE and Azerbaijan signed a Comprehensive Economic Partnership Agreement (CEPA) today.
‘’The agreement is expected to contribute approximately $680 million to the UAE’s GDP by 2031, in addition to supporting the Azerbaijani economy by approximately $300 million, reflecting the mutual impact of sustainable growth between the two friendly countries.”
‘’The signing of the CEPA between our nations is a positive forward step that promises to accelerate this momentum. By further integrating our economic visions, removing trade barriers, and facilitating private-sector collaboration, this deal will open up a wide range of opportunities, particularly in manufacturing, the automotive sector, agriculture, logistics and financial services. Trade is the heart our economic agenda and agreements with forward-looking nations such as Azerbaijan will ensure we deliver the growth and prosperity we seek,” he added.
He emphasised that there is an ambitious plan to increase the volume of Emirati investments in a number of vital sectors, most notably energy and renewable energy, through leading national companies such as ADNOC and Masdar. The plan aims to enhance economic integration between the two countries and develop a joint logistics infrastructure that will enable them to enter broader markets within the region and beyond.
:Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, stated that “Azerbaijan is a hugely valuable){kind=link}