UAE Aims To Finalise Trade And Investment Agreements With Eurasian Economic Union By Year-End

The UAE is advancing its global trade and investment partnerships under the guidance of its leadership. Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, highlighted the signing of a new Services and Investment Trade Agreement with Russia. This agreement complements the Comprehensive Economic Partnership Agreement (CEPA) with the Eurasian Economic Union (EAEU), which includes Russia, Armenia, Kazakhstan, Kyrgyzstan, and Belarus.

Dr. Al Zeyoudi emphasised that this agreement with Russia is the second of its kind, following an earlier one with Belarus. He stated, "This marks the second services and investment agreement following the earlier one with Belarus. The third agreement, with Armenia, has also been finalised. We expect to conclude negotiations with both Kazakhstan and Kyrgyzstan in the near future."

The UAE aims to finalise all five bilateral services and investment agreements with EAEU members by year-end. This move will enhance economic engagement within the Eurasian bloc. The agreements focus on liberalising strategic sectors such as financial services, fintech, business consulting, hospitality, logistics, renewable energy, and infrastructure development.

Dr. Al Zeyoudi noted that UAE–Russia relations are experiencing significant growth. Non-oil trade between these nations reached approximately US$11.5 billion in 2024, a 5% increase from the previous year. The first half of this year saw a remarkable 75% growth compared to last year's same period.

The recent agreement builds on last month's EAEU-wide CEPA signing. This CEPA allows for liberalisation of 95% of total trade volume and 85% of tariff lines between the UAE and the Eurasian bloc. Dr. Al Zeyoudi highlighted Eurasia's strategic importance as a trade expansion zone due to its population exceeding 200 million people.

Bilateral trade with the Eurasian bloc increased by 27% in 2024, reaching nearly US$30 billion. This growth reflects the UAE’s policy of economic openness and global integration.

These agreements aim to boost investment flows while supporting economic diversification strategies for both the UAE and its partners.

With inputs from WAM