UAE, Georgia Discuss Comprehensive Economic Partnership Agreement

Georgia's delegation at the Expo 2020 Dubai. (WAM)
Georgia's delegation at the Expo 2020 Dubai. (WAM)
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UAE, Georgia Discuss Comprehensive Economic Partnership Agreement

Georgia's delegation at the Expo 2020 Dubai. (WAM)
Georgia's delegation at the Expo 2020 Dubai. (WAM)

The UAE's Minister of State for Foreign Trade, Thani al-Zeyoudi, and Georgia's Minister of Economy and Sustainable Development, Natia Turnava, officially launched talks to establish a Comprehensive Economic Partnership Agreement (CEPA).

CEPA aims to build on both nations' deep and evolving trade and investment ties.

The UAE's non-oil foreign trade with Georgia in the first ten months of 2021 exceeded $165 million, with a 33 percent growth compared to the same period in 2020.

As a strategic gateway to African and Asian markets, the UAE accounts for more than 60 percent of Georgia's trade with Arab countries and more than 40 percent of its trade with the Middle East and North Africa.

The UAE is also Georgia's most important source of foreign direct investment from the Arab world and the sixth-largest globally.

The launch of CEPA talks was followed by signing a Memorandum of Understanding (MOU) on economic cooperation at the Expo 2020 Dubai.

Both countries agreed to expand cooperation in transportation and logistics, hospitality and real estate, small and medium-sized enterprises, industry and mining, food security and agriculture, tourism, science, technology, telecommunications and innovation, finance and banking, infrastructure and construction, and environment.

Following the agreement, Zeyoudi said Georgia and the UAE enjoy close cultural, diplomatic, and economic ties that have evolved and strengthened to establish their partnership over the years.

"We are already active trading partners and, as the world emerges from the coronavirus pandemic, we must prepare for the future by developing a deeper trade and investment relationship."

The launch of talks on the UAE-Georgia CEPA reflects the shared desire to work together to enhance the capacity of the private sector, promote startups and entrepreneurs, improve market access and substantially increase the volume of two-way trade, according to the Emirati official.

For her side, Turnava said that bolstering of UAE-Georgian relations had become an increasing priority to both nations as bilateral trade grows, and there is a shared desire and ambition to build on these relations further with a mutually-beneficial comprehensive economic partnership agreement.



Gold Hovers Near Record Levels, Fed Meeting in Focus

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Hovers Near Record Levels, Fed Meeting in Focus

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Safe-haven gold firmed on Monday, trading near an all-time high scaled in the previous session, while the market's focus shifted to the US Federal Reserve's meeting this week.

Spot gold added 0.5% to $2,997.84 an ounce, as of 1141 GMT. Prices hit a record high of $3,004.86 on Friday amid geopolitical uncertainty.

US gold futures eased 0.2% to $3,006.10.

"We expect prices to edge higher on a similar trajectory with dips bought as FOMO (fear of missing out) trades support the market," said Ross Norman, an independent analyst, Reuters reported.

"In short, we would be surprised not to see the $3,150 level in the coming months much as we had forecasted - albeit much quicker than we had anticipated."

US Treasury Secretary Scott Bessent said on Sunday that there are "no guarantees" there will not be a recession in the country, adding to investor worries of an impending economic downturn due to the President's trade policies.

"Short term, we acknowledge that the market has drifted into technical overbought territory, but think the prevailing mood among investors remains one of caution for US equities and confidence in gold," UBS said in a note.

US stock markets closed down sharply last week amid mounting uncertainties arising from tariff threats against the biggest US trading partners.

Markets now await the Fed's two-day monetary policy meeting that ends on Wednesday for clues on the interest rate trajectory. The Fed is widely expected to keep rates on hold after having reduced them by 100 basis points since September.

Bullion tends to do well in a low interest rate environment and is also seen as a hedge against geopolitical turmoil, economic uncertainties, and inflation.

Spot silver was flat at $33.79 an ounce, while platinum rose 0.6% to $999.20, and palladium gained 0.9% to $973.50.