Minister of Foreign Trade: The UAE accounts for 50% of Azerbaijan trade with the Gulf states
Abu Dhabi, July 9 / WAM / His Excellency Dr. Thani Al -Zyoudi, Minister of Foreign Trade, stressed that the comprehensive economic partnership agreement between the UAE and the Republic of Azerbaijan is a new qualitative step towards strengthening the economic, commercial and investment presence of the state in the Caucasus region and the consolidation of communication and partnership with the countries of the south overlooking the Caspian Sea based on the state’s vision to enhance strategic partnerships with markets with promising capabilities.
His Excellency said in statements to Emirates News Agency “WAM” that the agreement provides great opportunities for Emirati investors and businessmen in the Azerbaijani market and contributes to opening new horizons for cooperation in various vital sectors.
He expected the agreement to contribute to the GDP of the UAE by about 680 million dollars by 2031, in addition to supporting the Azerbaijani economy with approximately $ 300 million, which reflects the mutual impact of sustainable growth between the two friendly countries.
He added that the agreement includes high customs liberalization rates of up to 90% of the goods and mutual goods between the two sides, which would enhance the flow of trade and facilitate access to the markets and focus on a number of priority strategic sectors, foremost of which are energy, storage, logistical services, transportation, financial services and business sectors in order to support the directions of the two countries towards developing future economies.
He pointed out that the UAE is one of the largest foreign investors in the Republic of Azerbaijan with a total direct investment exceeding one billion dollars, which reflects the strength of economic relations between the two sides and the impact of these investments in supporting the growth of the Azerbaijani economy.
He stressed that there is an ambitious plan to increase the volume of Emirati investments in a number of vital sectors, especially energy and renewable energy through leading national companies such as “ADNOC” and “Masdar”, with the aim of enhancing economic integration between the two countries and developing joint logistical infrastructure, enabling them to enter wider markets within the region and outside.
He said that Azerbaijan is an important commercial and investment partner for the UAE due to its strategic location in the Caucasus region at the Forum of Trade Roads between Eastern Europe and Western Asia, which is a region of growing economic importance, indicating that the Azerbaijani economy recorded a growth of 4.1% in 2024, while its non -oil sector achieved remarkable growth of 6.3%, which reflects a diversity in the economic base and an additional opportunity For cooperation and partnership with the UAE.
Al -Zyoudi noted that the non -oil bilateral trade between the UAE and Azerbaijan witnessed tangible growth of 43 % on an annual basis to reach a value of $ 2.4 billion by the end of last year, which is equivalent to 50 % of the total trade of Azerbaijan with the Gulf Cooperation Council countries, indicating that these figures reflect the increasing momentum in economic relations between the two countries and the extent of progress made in the path of commercial and joint investment cooperation.
His Excellency said that the signing of the comprehensive economic partnership agreement between the UAE and the Republic of Azerbaijan is a new station within the program of comprehensive economic partnership agreements in a way that enhances the state’s directions towards diversifying commercial partnerships and expanding its economic relations network at the regional and global levels.
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