UAE And Eurasian Economic Commission Strengthen Trade Ties Through New Partnership Discussions

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, recently met with Andrey Slepnev, the Eurasian Economic Commission's Minister in charge of Trade. Their discussions in Moscow focused on enhancing trade and investment between the UAE and the Eurasian bloc, which includes Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. They also reviewed the progress of negotiations for a Comprehensive Economic Partnership Agreement.

The ministers identified key sectors with significant potential for collaboration. These include logistics, manufacturing, agriculture, and transport. They also discussed the growing prospects for a north-south trade corridor linking the UAE and Russia. Dr Thani emphasized Eurasia's importance to the UAE's foreign trade goals. "Our commitment to open, rules-based trade is a central pillar of our economic policy," he stated.

Dr Thani further highlighted that strengthening ties with global partners is boosting non-oil foreign trade to unprecedented levels. He noted that the Eurasian Economic Union's industrial capabilities and strategic location make it a focal point for these efforts. "I am confident we can secure greater opportunity for our businesses and unlock the vast potential of UAE-Eurasia relations," he added.

Andrey Slepnev expressed appreciation for Dr Thani's visit, noting it demonstrated their strong relationship. He mentioned that significant progress had been made after four rounds of negotiations on the Economic Partnership Agreement. "We recognise the long-standing friendship and strong economic ties between the Eurasian Economic Union Member States and the United Arab Emirates," Slepnev remarked.

Slepnev believes that this agreement will enhance mutual benefits and strengthen economic cooperation between their nations. The Eurasian Economic Union has been a vital partner for the UAE since its inception ten years ago.

Trade Growth Statistics

The first half of 2024 saw non-oil trade between the UAE and Eurasian Economic Union members reach US$13.7 billion. This marks a 29.6 percent increase compared to the same period in 2023. These figures underscore the growing economic ties between these regions.

The ongoing talks aim to establish a framework through the Comprehensive Economic Partnership Agreement. This agreement is expected to facilitate closer economic integration between these regions.

The discussions reaffirmed both parties' commitment to fostering stronger economic relations. The focus remains on unlocking new opportunities for businesses within both regions.

With inputs from WAM