RIYADH: The UAE and Azerbaijan have signed a Comprehensive Economic Partnership Agreement to strengthen bilateral trade, enhance investments, and deepen cooperation in renewable energy, logistics, tourism, and construction.
The deal is expected to contribute $680 million to the UAE’s gross domestic product and $300 million to Azerbaijan’s economy by 2031, according to the Emirates News Agency, also known as WAM.
Signed in the presence of UAE President Mohamed bin Zayed Al-Nahyan and Azerbaijani President Ilham Aliyev, the CEPA aims to enhance private sector collaboration, strengthen supply chain resilience, and promote the global expansion of small and medium-sized enterprises.
It builds on a growing trade relationship between the two countries, with non-oil trade rising 43 percent year on year to reach $2.4 billion in 2024.
The UAE is also Azerbaijan’s leading Arab investor, with cumulative investments exceeding $1 billion.
