Abu dhabi: UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Azerbaijan President Ilham Aliyev witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the two nations. This agreement aims to drive joint economic growth and diversification, enhancing the strategic relationship between the UAE and Azerbaijan.
According to Emirates News Agency, the CEPA signifies the UAE's dedication to establishing global development partnerships that support sustainable growth, peace, and stability. It also seeks to create opportunities for future generations. His Highness Sheikh Mohamed bin Zayed Al Nahyan emphasized the agreement as a milestone in UAE-Azerbaijan relations, highlighting the shared goal of building a resilient, knowledge-based, and innovation-driven economy.
The agreement was signed by UAE Minister of Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and Azerbaijan's Minister of Economy, Mikayil Jabbarov. It is designed to increase investment flows and unlock opportunities in sectors such as renewable energy, tourism, logistics, and construction services. Additionally, it is expected to enhance collaboration in the private sector, strengthen supply chains, and empower entrepreneurs and small and medium enterprises to expand globally.
The UAE-Azerbaijan CEPA is a significant addition to the UAE's global trade program. Bilateral non-oil trade has increased by 43% year-on-year, reaching USD 2.4 billion in 2024. The UAE stands as a key trading partner and the leading Arab investor in Azerbaijan, with investments surpassing USD 1 billion.
The CEPA program is a crucial element of the UAE's foreign trade agenda, which aims to augment non-oil foreign trade to USD 1.1 trillion by 2031. In 2024, the program contributed to a record non-oil trade of USD 816 billion for the UAE, marking a 14.6% year-on-year rise. With 27 agreements concluded, the CEPA program underscores the UAE's commitment to open, rules-based trade, driving economic growth, and diversifying its economy by enhancing access to high-growth markets globally that represent over a quarter of the world's population.
