On the heels of its invitation to join the BRICS economic alliance, the United Arab Emirates (UAE) is set to receive a $4 billion GDP boost by the year 2031. Indeed, the country recently signed a comprehensive economic partnership agreement (CEPA) with Georgia.
The trade pact should present tremendous economic benefits to the new BRICS member. Moreover, the deal is supposed to begin to go into effect in 2024’s first quarter, according to the Gulf country’s Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi.
UAE Forsee’s $4 Billion GDP Boost Following Trade Pact
The world has had its eyes fixed on the growth and development of the BRICS economic bloc. The collective has seen its prominence increase this year, with its de-dollarization and growth efforts well known. Now, both of those are beginning to take shape following an expansion plan announced at its 2023 Annual Summit.
Subsequently, after receiving its BRICS invitation, the UAE is expecting a $4 billion GDP boost by 2031. Specifically, this boost is connected to a recently signed trade pact with Georgia. Moreover, the market expansion is set to be an economic positive for both the country and the alliance.
“It’s going to be opening huge market access to our exports; the minimum is at least $1.3 billion for our exports to Georgia in five years,” Al Zeyoudi stated. “There is huge potential. The growth we’ve been seeing in the last two years is going to continue.”
UAE and Georiga have seen non-oil trade increase to $481 million last year. Additionally, that figure is currently displaying a 115% growth rate, according to the minister. In 2023’s first half, trade between the countries was at $225 million, which is up 28% over the same time a year ago. Ultimately, increased economic flourishment could have positive ramifications for the entire eBRICS collective. Specifically, as it continues to embrace its efforts to diminish international reliance on the US dollar.