Azerbaijan-UAE economic partnership agreement takes effect

According to the Economy Ministry of Azerbaijan, that the agreement was signed during President Ilham Aliyev's working visit to the UAE at a meeting with President Sheikh Mohammed bin Zayed Al Nahyan, News.Az reports, citing Report.

The document was signed by Economy Minister Mikayil Jabbarov and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi.

The main purpose of the document is to strengthen economic partnership between the sides and liberalize and facilitate trade. As part of strategic relations with the UAE, the entry into force of the agreement, which aims to promote economic diversification and prosperity, is an important stage in bilateral relations. The document creates a significant basis for sustainable, knowledge- and innovation-based economic development that meets modern challenges.

CEPA consists of 18 chapters and their annexes. Under the agreement, market access for trade in goods and services is expanded. The document provides for the elimination of tariffs on more than 90% of the nomenclature of goods traded between the sides. In addition, customs procedures are simplified, requirements for sanitary and phytosanitary measures are eased, and clear rules of origin are applied.

The document also aims to support small and medium-sized businesses and strengthen joint activities in various economic sectors. This promotes diversification, joint economic growth and prosperity within the framework of strategic relations between the two countries.

The agreement opens up new opportunities for deepening trade and investment ties, increasing the resilience of supply chains, expanding cooperation on the digital economy, and creating a more favorable and transparent environment for businesses.