UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Azerbaijan’s President His Excellency Ilham Aliyev recently witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the two countries, aimed at driving joint economic growth, diversification and prosperity as part of the strategic relationship between the UAE and Azerbaijan.
Sheikh Mohamed stated that the CEPA reflects the UAE’s commitment to building global development partnerships that contribute to sustainable growth, promote peace and stability, and create opportunities for coming generations. He described the agreement as a significant milestone in UAE-Azerbaijan relations, underscoring the two nations’ shared aspirations to build a resilient, knowledge-based and innovation-driven economy that meets future demands.
Deal to drive investment growth in key sectors
The CEPA agreement was signed by His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, and His Excellency Mikayil Jabbarov, Minister of Economy of Azerbaijan.
It aims to boost investment flows and unlock opportunities in vital sectors, including renewable energy, tourism, logistics and construction services. It is also expected to enhance private sector collaboration, strengthen supply chains and empower entrepreneurs and small and medium enterprises to expand their operations globally.
Bilateral non-oil trade grows to $2.4 billion in 2024
The UAE-Azerbaijan CEPA also represents a significant addition to the UAE’s global trade program, building on years of close cooperation between the two nations, with bilateral non-oil trade increasing 43 percent year-on-year to reach $2.4 billion in 2024. The UAE is a key trading partner of Azerbaijan and also the leading Arab investor in Azerbaijan, with investments exceeding $1 billion.
In the UAE, the CEPA program is an important pillar of the foreign trade agenda, which aims to increase non-oil foreign trade to $1.1 trillion by 2031. In 2024, the program contributed to the UAE’s record non-oil trade of $816 billion, marking a 14.6 percent year-on-year increase.
With 27 agreements concluded, the CEPA program reflects the UAE’s commitment to open, rules-based trade to drive economic growth and diversify its economy, expanding opportunities for UAE businesses by enhancing access to high-growth markets around the world that represent over a quarter of the world’s population.
Read: UAE among top 10 global trading partners for Eurasian Economic Union
UAE, Azerbaijan Presidents discuss bilateral cooperation
Ahead of signing the CEPA, the Presidents of the UAE and Azerbaijan held talks on bilateral relations and ways to expand cooperation, particularly in the fields of economy, investment, food security, renewable energy, environmental action and other areas of mutual interest that support sustainable development in both nations.
The talks took place during His Excellency President Ilham Aliyev’s working visit to the UAE, where he was received by His Highness Sheikh Mohamed at Qasr Al Shati in Abu Dhabi. His Highness welcomed President Aliyev’s visit and expressed hope that it would contribute to further advancing cooperation in ways that benefit both countries and their peoples.
The two leaders also exchanged views on regional and international issues of mutual concern, underlining the importance of joint efforts to promote peace, stability and security regionally and globally. Sheikh Mohamed affirmed that UAE-Azerbaijan relations are founded on mutual respect and shared interests, noting that ties between the two countries continue to grow, particularly in areas that support joint development.
He also emphasised the shared vision of the UAE and Azerbaijan on the importance of dialogue and cultural exchange. His Highness reaffirmed the UAE’s commitment to building development-focused partnerships across the Caucasus, including with Azerbaijan, in support of the well-being of the region’s peoples. He also noted the UAE’s support for efforts aimed at reinforcing peace, stability and development, driven by its belief that peace is the foundation of prosperity and progress.
President Aliyev thanked Sheikh Mohamed for his commitment to advancing bilateral relations, which he said have played a key role in their growth in recent years, especially in fields related to economic development. He also underscored the significance of joint projects in accelerating progress and prosperity in Azerbaijan.
