Abu dhabi: Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, has announced that Azerbaijan serves as a significant trade and investment partner for the UAE. This statement was made following the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the two nations.
According to Emirates News Agency, Dr Al Zeyoudi highlighted Azerbaijan's strategic position in the Caucasus region, bridging Eastern Europe and Western Asia. The country witnessed a 4.1% growth in GDP in 2024, with its non-oil sector expanding by 6.3%. Echoing this economic growth, the bilateral non-oil trade between the UAE and Azerbaijan surged by 36.2% last year, amounting to US$2.24 billion. This figure accounts for 50% of Azerbaijan's total trade with the Gulf Cooperation Council.
The newly signed CEPA is projected to boost the UAE's GDP by approximately $680 million by 2031 while supporting the Azerbaijani economy with an additional $300 million. This development underscores the sustainable growth between the two countries. Dr Al Zeyoudi remarked that the agreement represents a significant advancement in economic collaboration, eliminating trade barriers and fostering private-sector partnerships across various industries such as manufacturing, automotive, agriculture, logistics, and financial services.
Dr Al Zeyoudi further elaborated on plans to increase Emirati investments in key sectors, including energy and renewable energy, through major national firms like ADNOC and Masdar. This strategy aims to enhance economic integration and develop a shared logistics infrastructure, allowing both nations to access broader markets regionally and globally.
