Emirati minister: Azerbaijan is our main partner in South Caucasus

Ministers and high-ranking officials of the UAE government welcomed the signing of the Comprehensive Economic Partnership Agreement (CEPA) with Azerbaijan, considering this document another strategic step forward towards creating an integrated network of economic partners around the world, 1news.media informs via Arab media.

Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi, in particular, noted that Azerbaijan is a key partner of the UAE in the Caucasus region. According to him, in 2024, bilateral non-oil trade increased by 36.2% to $2.24 billion.

The head of the UAE Central Bank, Khaled Mohamed Balama, stated that the agreement will become an important tool for strengthening financial stability, developing banking cooperation, and promoting fintech solutions between the two countries.

The acting Director General of Customs and Border Service, Ahmed Abdullah bin Lahej Al Falasi, emphasized that CEPA will help streamline customs procedures and strengthen bilateral supply chains.

Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrui noted the significance of the agreement for implementing joint projects in renewable energy, including solar, wind, and hydropower.

Minister of Economy Abdullah bin Touq Al Marri pointed to CEPA's potential for growth in bilateral trade, reduction of customs barriers, and assistance to Azerbaijani businesses in accessing Africa, Asia, and Europe.

Minister of Investment Mohammed Hassan Al-Suwaidi, for his part, noted that the UAE is already the largest investor among Arab countries in Azerbaijan with investments exceeding $1 billion. In his opinion, CEPA "will open new opportunities for cooperation in logistics, energy, industry, and infrastructure."

On July 9 in Abu Dhabi, in the presence of Azerbaijan's President Ilham Aliyev and UAE President Sheikh Mohammed bin Zayed Al Nahyan, the Comprehensive Economic Partnership Agreement (CEPA) was signed.