UAE And Eurasian Economic Union Conclude Negotiations On Economic Partnership Agreement To Boost Trade
The United Arab Emirates (UAE) and the Eurasian Economic Union (EAEU) have finalised negotiations for a comprehensive economic partnership agreement. This deal aims to boost trade in goods between the UAE and EAEU's five members: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Andrey Slepnev from the Eurasian Economic Commission confirmed this development.
Dr. Al Zeyoudi emphasised that concluding these negotiations underscores the UAE's commitment to fostering international cooperation and promoting open trade based on rules. He stated, "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."
With a population of around 200 million people and a GDP nearing US$5 trillion, the EAEU presents significant opportunities for the UAE's private sector. The UAE offers EAEU exporters streamlined access to high-growth markets in the Middle East, Africa, Asia, and South America. Dr. Al Zeyoudi added that this agreement strengthens crucial links between the Gulf and Eurasia regions.
Andrey Slepnev highlighted that the EPA will enhance trade relations by improving market access and removing unnecessary barriers. It will also foster new opportunities for economic and technological cooperation among countries involved. Slepnev remarked, "The EAEU actively forms a network of economic partnerships with friendly countries. The Economic Partnership Agreement with the United Arab Emirates is a significant milestone, given the UAE’s role as a global hub in the region."
The agreement aims to increase mutual trade by reducing tariffs, eliminating technical barriers, expanding market access, and aligning customs procedures. It also seeks to harmonise digital trade and e-commerce while creating new platforms for SME collaboration.
Impact on Non-Oil Trade
The EPA reflects strengthening ties between the UAE and EAEU after several rounds of discussions. In early 2024, non-oil trade between them reached US$13.7 billion—a 29.6% rise compared to 2023's same period figures. This deal aims to further boost these numbers through various measures.
The UAE's expanding network of trade agreements has led to record non-oil trade figures of AED1.4 trillion in the first half of 2024—an 11.2% increase from 2023's corresponding period.
This comprehensive agreement reinforces foreign trade as central to the UAE’s economic agenda. The Comprehensive Economic Partnership Agreement program now includes six active deals with nine more signed awaiting implementation.
With inputs from WAM
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