UAE and Eurasian Economic Union Conclude Negotiations on Comprehensive Economic Partnership Agreement

Abu Dhabi, The Gulf Observer: The United Arab Emirates (UAE) and the Eurasian Economic Union (EAEU) have successfully concluded negotiations for a Comprehensive Economic Partnership Agreement (EPA), marking a significant milestone in their efforts to enhance bilateral trade. The EAEU comprises 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 for the Eurasian Economic Commission, confirmed the conclusion of talks aimed at deepening economic and technological cooperation.

Dr. Al Zeyoudi highlighted the importance of the EPA in advancing global economic growth and fostering collaboration. “The UAE and the EAEU have built a productive relationship founded on shared goals of long-term growth and economic diversification. This agreement will deepen these ties and create new opportunities for both sides,” he said.

He emphasized the EAEU’s significance as a trade partner, with its combined population of 200 million and a GDP approaching USD 5 trillion. The EPA is expected to streamline access to high-growth markets across the Middle East, Africa, Asia, and South America, benefitting both UAE businesses and EAEU exporters.

Andrey Slepnev described the agreement as a cornerstone for future collaboration. “The EAEU actively builds economic partnerships with friendly nations, and this EPA is a significant milestone. The UAE’s role as a global trade hub will further drive mutual trade growth and foster systemic ties between our regions,” he stated.

The EPA includes measures to reduce or remove tariffs, eliminate technical barriers to trade, improve customs procedures, and expand market access. It also addresses digital trade, e-commerce, and small- and medium-sized enterprise (SME) collaboration.

In the first half of 2024, non-oil trade between the UAE and EAEU reached USD 13.7 billion, a 29.6% increase compared to the same period in 2023. The EPA aims to accelerate this momentum by fostering deeper economic integration.

The agreement underscores the UAE’s strategic focus on expanding its global trade network. With six trade deals already in force and nine awaiting implementation, the UAE recorded AED 1.4 trillion in non-oil trade during the first half of 2024, an 11.2% increase year-on-year.

This landmark EPA is expected to further solidify the UAE’s position as a global trade leader while strengthening its ties with the Eurasian region.