Conclusion of negotiations "Economic partnership" Between the UAE and the Eurasian Economic Union

ABU DHABI, December 11, 2017 – The UAE and the Eurasian Economic Union successfully concluded negotiations aimed at reaching a comprehensive economic partnership agreement to advance intra-trade in goods between the UAE and the five member states of the Union, namely Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and His Excellency Andrei Slepnev, Member of the Eurasian Economic Council and Minister Responsible for Trade, announced agreement on the final terms of the agreement.

His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stressed that the UAE continues to implement the forward-looking vision of its wise leadership by concluding economic partnerships with countries and economic blocs of strategic importance on the map of international trade, because this path achieves the common interests of the UAE and its partners around the world.

His Excellency said that reaching the final terms of the partnership agreement with the Eurasian Economic Union reflects the UAE’s vision on the importance of expanding the scope of constructive, rules-based global trade and opening new horizons for it as a basic foundation for economic growth and international stability.

He added that the constructive relations between the UAE and the Eurasian Economic Union are based on a long-term shared commitment to economic growth and diversification, and that the successful conclusion of the Economic Partnership Agreement negotiations enhances cooperation and builds on joint relations whose tangible benefits everyone looks forward to.

For his part, His Excellency Andrei Slepnev stressed that the Comprehensive Economic Partnership Agreement between the Eurasian Economic Union and the UAE will contribute to deepening trade relations by improving the access of goods to markets and removing unnecessary barriers to non-oil intra-trade flows, and will provide new opportunities for economic and technological cooperation between the two sides. .

He said that the Eurasian Economic Union continues to build a network of effective economic partnerships with friendly countries, and that the Comprehensive Economic Partnership Agreement with the UAE is an important milestone, given the UAE’s role as a global center for trade and investment in the region.

The agreement will provide an additional impetus to mutual trade, which is already witnessing unprecedented growth, and will create a basis for improving cooperation relations between the two parties.

With a total population of about 200 million people and a GDP of about $5 trillion, the Eurasian Economic Union represents an important market for ambitious Emirati companies looking to secure new opportunities, while the UAE and its growing network of trading partners give Eurasian exports easy access to… Competitive, high-growth markets in the Middle East, Africa, Asia and South America, while the agreement supports vital trade routes between North and South, linking the Arabian Gulf region with the Eurasian region.

The Comprehensive Economic Partnership Agreement between the UAE and the Eurasian Union, the details of which have been negotiated, stems from a solid base of prosperous trade relations. Non-oil trade between the UAE and the five member states of the Union in the first half of the current year 2024 amounted to $13.7 billion, representing an increase of 29.6% over the same period in 2023.

The agreement aims to boost these numbers by reducing or eliminating customs duties, removing barriers to trade, expanding market access, and harmonizing customs procedures. It will also seek to achieve harmony between digital commerce and e-commerce, in addition to establishing new platforms for cooperation between small and medium-sized companies.

This new agreement enhances the central position of foreign trade within the economic agenda of the UAE, and 6 agreements have already entered into force under the umbrella of the Comprehensive Economic Partnership Agreements Programme, in addition to 9 officially signed agreements whose ratification procedures are being completed, and a number of other agreements whose talks have been successfully concluded and reached. To its final provisions in preparation for signing them later.

The growing network of trade agreements concluded by the UAE resulted in achieving unprecedented historical levels of non-oil foreign trade, the value of which reached 1.4 trillion dirhams in the first six months of 2024, an increase of 11.2% compared to the same period in 2023.

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