The UAE and the Eurasian Economic Union (EAEU) have successfully concluded negotiations aimed at reaching a comprehensive economic partnership agreement to enhance bilateral trade in goods between the UAE and the five members of the EAEU bloc, which comprise Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Andrey Slepnev, Member of the Board in charge of Trade of the Eurasian Economic Commission, have recently confirmed the conclusion of negotiations toward the economic partnership between the two sides.
Stronger Gulf-Eurasia ties
Al Zeyoudi stressed that the conclusion of economic partnership agreement negotiations reflects the UAE’s firm belief in constructive international cooperation and promotion of open, rules-based trade as a cornerstone of global economic growth and stability.
“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,” he added.
With a total population of around 200 million people and a GDP approaching $5 trillion, the EAEU offers several opportunities for the UAE’s private sector. Meanwhile, the UAE and its growing network of global trade partners offer the union’s exporters streamlined access to the competitive, high-growth markets in the Middle East, Africa, Asia and South America.
“This agreement deepens vital links between the Gulf and Eurasia region, and we look forward to seeing the tangible benefits of our deeper ties unfold,” Al Zeyoudi added.
New opportunities for economic and technological cooperation
For his part, Andrey Slepnev confirmed that the agreement between the UAE and the Eurasian Economic Union will not only deepen trade relations by improving market access for goods and removing unnecessary barriers to trade but also provide new opportunities for economic and technological cooperation between countries.
“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 EPA will provide an additional boost for mutual trade, which is already showing unprecedented growth, and create a systemic basis for cooperative ties,” Slepnev said.
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CEPA deals propel non-oil trade to record high
Following several rounds of discussions, the economic partnership agreement reflects deepening ties between the UAE and the Eurasian Economic Union. In the first half of 2024, the UAE shared non-oil trade worth $13.7 billion with the bloc, representing a 29.6 percent surge compared to the same period in 2023.
The deal aims to boost these figures by reducing or removing tariffs, eliminating technical barriers to trade, expanding market access, and aligning customs procedures. The agreement also seeks to harmonize digital trade and e-commerce in addition to creating new platforms for SME collaboration.
The agreement reinforces the centrality of foreign trade to the UAE’s economic agenda. The Comprehensive Economic Partnership Agreement program now boasts six deals in force with a further nine signed and awaiting implementation. The UAE’s expanding network of trade deals resulted in record non-oil trade of AED1.4 trillion in the first six months of 2024, an 11.2 percent increase compared to the same period in 2023.
