emirates7 - The United Arab Emirates (UAE) and the Eurasian Economic Union (EAEU) have successfully concluded negotiations for a comprehensive economic partnership agreement (EPA) aimed at enhancing bilateral trade in goods between the UAE and the EAEU's five member states: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Andrey Slepnev, Minister in charge of Trade at the Eurasian Economic Commission, confirmed the successful completion of the EPA negotiations.
Al Zeyoudi emphasized that the conclusion of the negotiations underscores the UAE’s commitment to fostering constructive international cooperation and promoting open, rules-based trade as a foundation for global economic growth and stability.
He stated, “The UAE and the Eurasian Economic Union share a strong, productive relationship grounded in a mutual focus on long-term growth and economic diversification. The finalization of the EPA negotiations will strengthen these ties and allow us to build upon our shared opportunities.”
“With a combined population of approximately 200 million and a GDP nearing USD 5 trillion, the EAEU offers substantial potential for UAE businesses. At the same time, the UAE’s expanding global trade network provides EAEU exporters with streamlined access to high-growth markets across the Middle East, Africa, Asia, and South America. This agreement will deepen the strategic links between the Gulf and Eurasia, and we look forward to realizing its tangible benefits,” he added.
Slepnev noted that the EPA would not only enhance trade relations by reducing market barriers and improving goods access but also open new avenues for economic and technological collaboration between member states.
He remarked, “The EAEU is actively forming a network of economic partnerships with friendly nations. The Economic Partnership Agreement with the UAE is a significant achievement, recognizing the UAE’s role as a global hub in the region. The EPA will further drive mutual trade, which has already seen remarkable growth, and establish a robust framework for cooperative relations.”
After multiple rounds of negotiations, the EPA marks a milestone in the growing ties between the UAE and EAEU. During the first half of 2024, non-oil trade between the UAE and the bloc reached USD 13.7 billion, a 29.6% increase compared to the same period in 2023.
The agreement aims to further boost trade by reducing or eliminating tariffs, addressing technical trade barriers, enhancing market access, and streamlining customs procedures. Additionally, it seeks to align digital trade and e-commerce standards while fostering collaboration among small and medium enterprises (SMEs).
This agreement highlights the importance of foreign trade in the UAE’s economic strategy. The UAE’s Comprehensive Economic Partnership Agreement program now includes six agreements in force, with nine more signed and awaiting implementation.
The UAE’s expanding trade network contributed to record non-oil trade of AED 1.4 trillion in the first half of 2024, reflecting an 11.2% increase compared to the same period in 2023.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Andrey Slepnev, Minister in charge of Trade at the Eurasian Economic Commission, confirmed the successful completion of the EPA negotiations.
Al Zeyoudi emphasized that the conclusion of the negotiations underscores the UAE’s commitment to fostering constructive international cooperation and promoting open, rules-based trade as a foundation for global economic growth and stability.
He stated, “The UAE and the Eurasian Economic Union share a strong, productive relationship grounded in a mutual focus on long-term growth and economic diversification. The finalization of the EPA negotiations will strengthen these ties and allow us to build upon our shared opportunities.”
“With a combined population of approximately 200 million and a GDP nearing USD 5 trillion, the EAEU offers substantial potential for UAE businesses. At the same time, the UAE’s expanding global trade network provides EAEU exporters with streamlined access to high-growth markets across the Middle East, Africa, Asia, and South America. This agreement will deepen the strategic links between the Gulf and Eurasia, and we look forward to realizing its tangible benefits,” he added.
Slepnev noted that the EPA would not only enhance trade relations by reducing market barriers and improving goods access but also open new avenues for economic and technological collaboration between member states.
He remarked, “The EAEU is actively forming a network of economic partnerships with friendly nations. The Economic Partnership Agreement with the UAE is a significant achievement, recognizing the UAE’s role as a global hub in the region. The EPA will further drive mutual trade, which has already seen remarkable growth, and establish a robust framework for cooperative relations.”
After multiple rounds of negotiations, the EPA marks a milestone in the growing ties between the UAE and EAEU. During the first half of 2024, non-oil trade between the UAE and the bloc reached USD 13.7 billion, a 29.6% increase compared to the same period in 2023.
The agreement aims to further boost trade by reducing or eliminating tariffs, addressing technical trade barriers, enhancing market access, and streamlining customs procedures. Additionally, it seeks to align digital trade and e-commerce standards while fostering collaboration among small and medium enterprises (SMEs).
This agreement highlights the importance of foreign trade in the UAE’s economic strategy. The UAE’s Comprehensive Economic Partnership Agreement program now includes six agreements in force, with nine more signed and awaiting implementation.
The UAE’s expanding trade network contributed to record non-oil trade of AED 1.4 trillion in the first half of 2024, reflecting an 11.2% increase compared to the same period in 2023.