UAE and Eurasian Economic Union Finalize Major Trade Agreement
UAE and Eurasian Economic Union Finalize Major Trade Agreement. WAM
Abu Dhabi: The United Arab Emirates (UAE) and the Eurasian Economic Union (EAEU) have successfully completed negotiations on a landmark Economic Partnership Agreement (EPA). This agreement aims to enhance trade in goods between the UAE and the five EAEU member countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
Strengthening Economic Ties
Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Andrey Slepnev, Minister in charge of Trade for the Eurasian Economic Commission, announced the conclusion of the negotiations.
Dr. Al Zeyoudi emphasized that this agreement underscores the UAE’s commitment to fostering international cooperation and promoting open, rules-based trade as a driver of global economic stability.
He stated:
“The UAE and the Eurasian Economic Union share a strong relationship rooted in mutual growth and economic diversification. This agreement will deepen these ties and unlock new opportunities for collaboration.”
With a combined population of 200 million and a GDP nearing USD 5 trillion, the EAEU offers the UAE’s private sector access to significant opportunities. In return, EAEU exporters gain streamlined access to high-growth markets in the Middle East, Africa, Asia, and South America.
Key Benefits of the Agreement
Andrey Slepnev highlighted that the EPA will remove trade barriers, improve market access, and foster economic and technological collaboration.
He stated:
“The Economic Partnership Agreement with the UAE is a milestone. It will further strengthen mutual trade, already witnessing unprecedented growth, and lay a solid foundation for future cooperation.”
A Growing Trade Relationship
In the first half of 2024, the UAE’s non-oil trade with the EAEU reached USD 13.7 billion, a 29.6% increase compared to the same period in 2023. The EPA aims to further boost these figures by:
- Reducing or eliminating tariffs.
- Removing technical barriers to trade.
- Expanding market access.
- Aligning customs procedures.
Additionally, the agreement will promote digital trade, e-commerce, and collaboration between small and medium enterprises (SMEs).
UAE’s Expanding Trade Network
The EPA reinforces the UAE’s focus on foreign trade as a key driver of economic growth. The UAE’s Comprehensive Economic Partnership Agreement (CEPA) program now includes six active deals, with nine more awaiting implementation.
In the first six months of 2024, the UAE recorded AED 1.4 trillion in non-oil trade, an 11.2% increase from the same period in 2023.
This agreement strengthens the UAE’s position as a global trade hub and builds vital links between the Gulf and Eurasia.
