RIYADH: The UAE is hoping to secure free trade deals with six more countries by the end of 2023 after inking an agreement with Georgia, a senior government official has revealed.
According to the Gulf country’s Minister of State for Foreign Trade Thani bin Ahmed Al-Zeyoudi, the UAE is close to signing comprehensive economic partnership agreements with South Korea, Thailand and Chile.
The minister also told the Emirates News Agency, or WAM, the UAE would look to reach deals with Costa Rica, Columbia and Ukraine.
In recent months, there have been talks with Pakistan, Serbia and Malaysia as the Gulf country seeks to broaden its export market.
Al-Zeyoudi made the comments on the sidelines of a free trade agreement signed by the UAE and Georgia on Tuesday, potentially doubling non-oil trade to $1.5 billion from $481 million in five years.
The signing ceremony was overseen virtually by the Gulf country’s Vice President Sheikh Mohammed bin Rashid and the Georgian Prime Minister Irakli Garibashvili.
The new deal builds on growing UAE-Georgia economic relations that resulted in non-oil trade beyond $225 million in the first half of 2023, with 28 percent growth in the first half of 2022.
Total non-oil bilateral trade reached $481 million in 2022, up 115 percent in 2021.
The UAE now accounts for over 63 percent of Georgia’s trade with Arab countries.
The recent trade deal, which aims to eliminate or reduce tariffs on 95 percent of product lines, is expected to have a significant impact on non-oil trade between the two countries.
The agreement is part of the growing economic relations between the two Asian states, with their non-oil trade exceeding $225 million in the first half of 2023, marking a 28 percent growth compared to the same period of the year before.
Additionally, the total non-oil bilateral trade for 2022 reached $481 million, reflecting a remarkable 115 percent increase over the previous year. Notably, the UAE now constitutes more than 63 percent of Georgia’s trade with Arab countries, underlining the strengthening economic ties between the two nations.
