UAE Signs Economic Partnership Agreement with Azerbaijan to Boost Trade and Innovation
The agreement was signed in the presence of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Azerbaijani President Ilham Aliyev, highlighting the deepening strategic partnership between the two nations.
Described by Sheikh Mohamed as a 'significant milestone,' the CEPA reflects the UAE's broader commitment to global development partnerships that drive sustainable growth and promote peace, stability, and opportunity for future generations.
Signed by UAE Minister of Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi and Azerbaijani Minister of Economy Mikayil Jabbarov, the agreement targets key sectors such as renewable energy, tourism, logistics, and construction. It also aims to empower SMEs, enhance private sector collaboration, and strengthen supply chains.
In 2024, non-oil trade between the two countries rose by 43% to USD 2.4 billion. The UAE remains Azerbaijan's leading Arab investor, with over USD 1 billion in investments to date.
The deal is part of the UAE's broader CEPA programme, a cornerstone of its foreign trade agenda. With 27 agreements now in place, the initiative helped drive the UAE's non-oil trade to a record USD 816 billion in 2024. The ultimate goal: USD 1.1 trillion by 2031.
News Source: Emirates News Agency
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