UAE, Eurasian Economic Union Conclude Economic Partnership Agreement to Boost Trade

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 between the UAE and the five EAEU 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 for Trade of the Eurasian Economic Commission, confirmed the conclusion of talks, marking a significant step toward strengthening economic ties. Al Zeyoudi emphasized that the agreement underscores the UAE's commitment to fostering open, rules-based trade as a cornerstone for global economic stability and growth.

The EPA is expected to unlock new opportunities by improving market access, reducing tariffs, eliminating trade barriers, and aligning customs procedures. It also aims to harmonize digital trade and e-commerce, while creating platforms for SME collaboration. With a combined population of 200 million and a GDP nearing $5 trillion, the agreement offers significant opportunities for private sector growth, benefiting both regions.

Slepnev highlighted the UAE’s strategic position as a global trade hub, noting that the agreement will deepen existing trade relations and pave the way for technological cooperation. Trade between the UAE and the EAEU grew significantly in 2024, with non-oil trade reaching $13.7 billion in the first half of the year, a 29.6% increase compared to the same period in 2023.

This agreement marks the UAE’s expanding network of trade partnerships, which has helped boost non-oil trade to a record AED1.4 trillion in the first half of 2024, a rise of 11.2% from the previous year.

News Source: Emirates News Agency