The President of the State and the President of Azerbaijan witnesses the signing of a comprehensive economic partnership agreement between the two countries
Abu Dhabi, July 9/ WAM/ His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State “may God protect him” and His Excellency Ilham Aliyev, President of the Republic of Azerbaijan, witnessed the signing of the comprehensive economic partnership agreement between the two countries, which aims to enhance, diversify and prosperous economic growth in the framework of the strategic relations that unite the two countries.
His Highness Sheikh Mohammed bin Zayed Al Nahyan said that the comprehensive economic partnership agreement comes within the framework of the UAE’s approach to continuing to build development partnerships around the world that contributes to achieving development and prosperity, promoting peace and stability and creating opportunities for future generations.
His Highness stressed that the agreement is an important station in the march of Emirati -Azerbaijani relations, indicating that it embodies the common aspirations of the UAE and Azerbaijan to continue building a flexible economy based on knowledge and innovation that meets the requirements of development.
The agreement was signed by His Excellency Dr. Thani bin Ahmed Al -Zyoudi, Minister of Foreign Trade, and His Excellency Michael Jabbarov, Minister of Economy in Azerbaijan.
The agreement aims to enhance investment flows and provide opportunities in important sectors that include renewable energy, tourism, logistics services and construction services.
The agreement also contributes to upgrading cooperation within the private sector, supporting supply chains, empowering entrepreneurs and small and medium -sized businesses to expand their business around the world.
The comprehensive economic partnership agreement between the UAE and Azerbaijan constitutes an important addition to the comprehensive economic partnership agreements program that the UAE has continued to implement since its launch during the month of September 2021, where it is based on years of close cooperation between the two countries, in light of the commercial prosperity between them, as non -oil bilateral trade has grown by 43% on an annual basis to reach $ 2.4 billion by the end of 2024..and the UAE is an important commercial partner for Azerbaijan where it comes where it comes The first Arab investor in Azerbaijan, with forms exceeding one billion dollars.
The comprehensive economic partnership agreements program is an essential pillar in the foreign trade agenda of the UAE, which aims to increase the volume of non -oil foreign trade to $ 1.1 trillion by 2031.
In 2024, the program contributed to achieving a record number in the non -oil trade of the UAE, which amounted to 816 billion dollars, recording a 14.6%annual increase … while the country has so far concluded 27 agreements.
The program embodies the UAE’s commitment to an open trade and based on the rules, to advance economic growth, diversify its economy and expand the opportunities available to Emirati companies by enhancing access to high -growth global markets that include more than a quarter of the world’s population.
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