The United Arab Emirates and the Eurasian Economic Union (EAEU) have successfully concluded negotiations aimed at reaching a comprehensive economic partnership agreement to enhance bilateral trade in goods between the UAE and the five members of the EAEU bloc, which comprise Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade stressed that the conclusion of EPA negotiations reflects the UAE’s firm belief in constructive international cooperation and promotion of open, rules-based trade as a cornerstone of global economic growth and stability.
He said, “The UAE and the Eurasian Economic Union have developed a prosperous, productive relationship that is based on a shared commitment to long-term growth and economic diversification. The conclusion of negotiations on an Economic Partnership Agreement between us will deepen these ties and enable us to build on our many synergies.”
The deal aims to boost these figures through reducing or removing tariffs, eliminating technical barriers to trade, expanding market access, and aligning customs procedures. The EPA will also seek to harmonise digital trade and e-commerce in addition to creating new platforms SME collaboration.
The agreement reinforces the centrality of foreign trade to the UAE’s economic agenda. The Comprehensive Economic Partnership Agreement program now boasts six deals in force with a further nine signed and awaiting implementation.
The UAE’s expanding network of trade deals resulted in record non-oil trade of AED1.4 trillion in the first six months of 2024, an 11.2% increase compared to the same period in 2023.
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