Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, stated that "Azerbaijan is a hugely valuable trade and investment partner for the UAE.

Located in the increasingly influential Caucasus region, at the crossroads of Eastern Europe and Western Asia, it enjoyed a 4.1% increase in GDP in 2024, with its non-oil sector growing 6.3%. Our bilateral non-oil trade mirrors this growth, climbing 36.2% last year to reach US$2.24 billion, which represents 50% of Azerbaijan's trade with the GCC,'' Dr Al Zeyoudi told the Emirates News Agency (WAM) after the UAE and Azerbaijan signed a Comprehensive Economic Partnership Agreement (CEPA) today.

''The agreement is expected to contribute approximately $680 million to the UAE's GDP by 2031, in addition to supporting the Azerbaijani economy by approximately $300 million, reflecting the mutual impact of sustainable growth between the two friendly countries.''

''The signing of the CEPA between our nations is a positive forward step that promises to accelerate this momentum. By further integrating our economic visions, removing trade barriers, and facilitating private-sector collaboration, this deal will open up a wide range of opportunities, particularly in manufacturing, the automotive sector, agriculture, logistics and financial services. Trade is the heart our economic agenda and agreements with forward-looking nations such as Azerbaijan will ensure we deliver the growth and prosperity we seek,'' he added.