The success of the comprehensive economic partnership negotiations between the UAE and the Eurasian Union

The UAE and the Eurasian Economic Union successfully concluded negotiations aimed at reaching a comprehensive economic partnership agreement to advance intra-regional trade in goods between the UAE and the five member states of the Union, namely Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.

The Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, and the member of the Eurasian Economic Council and Minister Responsible for Trade, Andrei Slepnev, announced agreement on the final terms of the agreement.

Al-Zeyoudi stressed that the UAE continues to implement the forward-looking vision of its wise leadership by concluding economic partnerships with countries and economic blocs of strategic importance on the map of international trade, because this path achieves the common interests of the UAE and its partners around the world.

He said that reaching the final terms of the partnership agreement with the Eurasian Economic Union reflects the UAE’s vision on the importance of expanding the scope of constructive, rules-based global trade and opening new horizons for it as a basic foundation for economic growth and international stability.

He added that the constructive relations between the UAE and the Eurasian Economic Union are based on a long-term shared commitment to economic growth and diversification, noting that the successful conclusion of the Economic Partnership Agreement negotiations enhances cooperation and builds on joint relations whose tangible benefits everyone looks forward to.

For his part, Slepnev stressed that the Comprehensive Economic Partnership Agreement between the Eurasian Economic Union and the UAE will contribute to deepening trade relations by improving access to markets for goods, removing unnecessary barriers to non-oil intra-trade flows, and will provide new opportunities for economic and technological cooperation between the two sides. .

He said that the Eurasian Economic Union continues to build a network of effective economic partnerships with friendly countries, pointing out that the Comprehensive Economic Partnership Agreement with the UAE is an important milestone, given the UAE’s role as a global center for trade and investment in the region.

The agreement will provide an additional impetus to mutual trade, which is already witnessing unprecedented growth, and will create a basis for improving cooperation relations between the two parties.

The Comprehensive Economic Partnership Agreement between the UAE and the Eurasian Union, the details of which have been negotiated, stems from a solid base of prosperous trade relations, as non-oil trade between the UAE and the five member states of the Union in the first half of this year amounted to $13.7 billion, representing an increase of 29.6 percent. % over the same period in 2023.

The agreement aims to boost these numbers by reducing or eliminating customs duties, removing barriers to trade, expanding market access and harmonizing customs procedures. It will also seek to achieve harmony between digital and e-commerce, in addition to establishing new platforms for cooperation between small and medium-sized companies.

The new agreement strengthens the central position of foreign trade within the UAE’s economic agenda, as six agreements have already entered into force under the umbrella of the Comprehensive Economic Partnership Agreements Programme, in addition to nine officially signed agreements whose ratification procedures are being completed, and a number of other agreements whose talks have been successfully concluded and reached. To its final provisions in preparation for signing them later.

An important market for Emirati companies

With a total population of about 200 million people and a GDP of about five trillion dollars, the Eurasian Economic Union represents an important market for ambitious Emirati companies looking to secure new opportunities, while the UAE and its growing network of trading partners provide easy access to Eurasian Union exports. To competitive, high-growth markets in the Middle East, Africa, Asia and South America, while the agreement supports vital trade routes between North and South, and links the Arabian Gulf region with the Eurasian region.