The Eurasian Economic Union has been an important partner for the UAE since its establishment a decade ago. In the first half of 2024, non-oil trade between the UAE and the Eurasian Economic Union members reached $13.7 billion, reflecting a 29.6 percent increase compared to the same period in 2023.
In light of the above, Dr. Thani bin Ahmed Al Zeyoudi, UAE minister of State for Foreign Trade, met recently with Andrey Slepnev, minister for Trade of the Eurasian Economic Commission, in Moscow to explore opportunities for expanding trade and investment between the UAE and the Eurasian bloc, which comprises Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan.
Key sectors for collaboration
The ministers discussed the progress of ongoing negotiations for a Comprehensive Economic Partnership Agreement, which is in an advanced stage and aims to establish a solid framework for cooperation.
During their discussions, they emphasized key sectors with significant potential for private sector collaboration, including logistics, manufacturing, agriculture, and transportation, as well as the growing prospects for a north-south trade corridor linking the UAE and Russia.
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Significance of Eurasian relations
Dr. Thani remarked that the meeting underscored the significance of Eurasia in the UAE’s foreign trade objectives, WAM reported. He emphasized that the UAE’s commitment to open, rules-based trade serves as a central pillar of its economic policy. He highlighted that the pursuit of stronger ties with key global partners is instrumental in driving non-oil foreign trade to record levels. Moreover, he pointed out that the Eurasian Economic Union, with its industrial capabilities, robust food production sector, and strategic location across two continents, is a primary focus of these initiatives. He conveyed that the discussions held that week reflected a mutual vision for closer economic integration and expressed confidence in the potential to create greater opportunities for businesses and fully unlock the benefits of UAE-Eurasia relations.
Strengthening ties
For his part, Andrey Slepnev expressed his appreciation for Dr. Thani’s visit, indicating that it demonstrated the strength of their relationship. He further mentioned that tangible results had been achieved after four rounds of negotiations on the Economic Partnership Agreement. Additionally, he acknowledged the long-standing friendship and strong economic ties between the member states of the Eurasian Economic Union and the United Arab Emirates, emphasizing the belief that the Economic Partnership Agreement would enhance mutual benefits and strengthen economic and trade cooperation between their nations.
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