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.



Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
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Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters

The dollar hovered near a five-month low against major peers on Monday, bruised by President Donald Trump's erratic trade policies and soft economic data, at a time when other currencies, including the euro, benefit from domestic drivers.

The euro was last at $1.0905, up 0.2% on the day, and heading back towards the $1.0947 it hit last week, its highest since October 11.

The Japanese yen was also marginally stronger on the day at 148.48 per dollar, again after hitting its strongest in five months last week at 146.5 to the dollar.

That left the dollar index, which measures the US currency against its six major counterparts, at 103.5, just off its five-month trough of 103.21 reached last Tuesday, Reuters reported.

Currency markets have undergone a shift in recent months, as traders re-evaluate their initial expectations that Trump's economic policies would both support the dollar and cause other currencies to weaken.

In fact the reverse has happened, and analysts at Societe Generale said on Monday that they had changed their currency forecasts "to reflect Germany's planned fiscal changes, the US economy's self-inflicted (relative) fragility, and Japan’s escape from deflation".

They see the euro at $1.13 by year-end and the yen at 139 per dollar.