The UAE and Russia recently signed a Trade in Services and Investment Agreement (TISIA). The agreement was signed on behalf of the UAE by His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, and on behalf of the Russian side by His Excellency Maxim Reshetnikov, Minister of Economic Development.
The UAE-Russia TISIA complements the Economic Partnership Agreement signed between the UAE and the Eurasian Economic Union (EAEU), which includes Armenia, Belarus, Kazakhstan and Kyrgyzstan, in addition to Russia.
It provides a special bilateral cooperation framework focusing on services and investment, including in the areas of financial technology, healthcare, transportation, logistics, professional services and others.
His Excellency Suhail Mohamed Al Mazrouei, UAE Minister of Energy and Infrastructure, and His Excellency Andrey Nikitin, Russian Minister of Transport, also signed a Memorandum of Understanding on cooperation in the field of land transport.
UAE targets doubling trade turnover with Russia
The trade and investment agreement was signed on the sidelines of the UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan’s official visit to Russia.
Sheikh Mohamed said on Thursday that he wants to double the trade turnover with Russia in the coming five years.
“The trade turnover between Russia and the UAE reached $11.5 billion, our trade turnover with Eurasian countries reached $30 billion. Mr. President, we would like this figure to double over the next five years, both at the bilateral level and with Eurasian countries,” he said at a meeting with Russian President Vladimir Putin in Moscow.
He also said relations with Russia have been developing rapidly in recent years. “I am very happy to be here today in the capital of the Russian Federation, which is known for its great history,” he added.
UAE and Russia seek stronger cooperation in key sectors
Sheikh Mohamed met with His Excellency Vladimir Putin, President of the Russian Federation, to discuss enhancing the strategic partnership between the two countries, in addition to regional and international issues of common interest. The two leaders met on Thursday at the Kremlin as part of His Highness’ official visit to Russia.
During the meeting, Sheikh Mohamed and Putin reviewed progress in UAE-Russia cooperation, particularly in the fields of the economy, trade, investment, space and energy, as well as other areas that serve the development-focused priorities of both countries and reflect their aim to bolster their strategic partnership.
His Highness stated that UAE-Russia relations are based on mutual trust and respect, as well as deep-rooted and constructive engagement spanning more than 50 years. His Highness affirmed the UAE’s commitment to building effective partnerships with other countries and enhancing international cooperation to address shared global challenges and foster prosperity and development for all.
Sheikh Mohamed and Putin also exchanged views on regional and international issues of mutual interest. In this regard, His Highness affirmed the UAE’s steadfast commitment to strengthening peace and stability while advancing diplomatic solutions both regionally and globally.
The two sides also discussed the importance of the Russia-Arab summit, scheduled to be held in October at the direction of His Excellency Putin, in strengthening Russia’s relations with the Arab world.
For his part, His Excellency Putin welcomed His Highness to Russia, expressing his appreciation for the UAE’s ongoing mediation efforts on prisoner exchanges. Putin stated that Russia attaches great importance to developing its relations with the UAE, noting that the two countries’ cooperation continues to grow, especially in the economic and investment fields.
Read: UAE President to meet with Putin during official visit to Russia on Thursday
Sheikh Mohamed arrives in Moscow
Sheikh Mohamed arrived in Moscow on Thursday, kicking off the official visit to Russia. Upon entering Russian airspace, His Highness’ plane was welcomed and escorted by military aircraft.
Sheikh Mohamed was accorded an official reception following his arrival at Vnukovo Airport, where the national anthems of the UAE and Russia were played. An honor guard was assembled for His Highness, who greeted senior officials lined up in welcome.
Putin then hosted a luncheon for His Highness and the accompanying delegation. While arriving earlier at the Kremlin, His Highness the President was received by His Excellency Putin. The national anthems of both countries were played, and His Highness greeted senior officials lined up to welcome him, while His Excellency Putin greeted members of the delegation accompanying His Highness.
Accompanying the UAE President is a delegation which includes H.H. Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Special Affairs; Sheikh Mohammed bin Hamad bin Tahnoon Al Nahyan, Advisor to the UAE President; Ali bin Hammad Al Shamsi, Secretary-General of Supreme Council for National Security; and Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology.
Also present are Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade; Mohamed Hassan Al Suwaidi, Minister of Investment; Ahmed Ali Al Sayegh, Minister of State; Faisal Abdulaziz Al Bannai, Adviser to the President for Strategic Research and Advanced Technology Affairs; Dr. Ahmed Mubarak Al Mazrouei, Chairman of the President’s Office for Strategic Affairs and Chairman of the Abu Dhabi Executive Office; and Dr. Mohammed Ahmed Al Jaber, UAE Ambassador to the Russian Federation, along with a number of senior officials.
