Silinoff: The UAE is among the ten largest commercial partners for the global Eurasian Union

Abu Dhabi, July 8 / WAM / Andre Silinoff, Minister of Trade at the Eu -Economic Commission, confirmed that the comprehensive economic partnership agreement between the UAE and the Eurasian Economic Union represents an important strategic station in the path of economic cooperation between the two sides, indicating that it will contribute to supporting commercial diversification efforts and enhancing mutual investments.
He said in a statement to the Emirates News Agency “WAM”, that the UAE is the most prominent commercial partners of the Eurasian Economic Union countries; Its share in the total foreign trade of the Federation increased to 2%, which makes it among the ten largest commercial partners in the world.
He pointed out that the volume of the union’s exports to the UAE has increased more than four times during the past two years, while the exports of Emirati products to the Federation markets increased by more than 50%, stressing that this accelerating growth reflects the durability of economic relations between the two sides.
He said that, thanks to this momentum, the UAE has become a pivotal commercial center for all countries of the Union ahead of major international partners such as Japan, Brazil, Egypt and Vietnam.
He added that the comprehensive economic partnership agreement aims to consolidate this growth by removing customs restrictions and expanding the scope of mutual goods; Where it was agreed to reduce customs duties on more than 85% of the commodities, which would reduce customs protection rates on the union products in the UAE market from 5% to 0.6% and UAE products in the Federation markets from 5.9% to 1.5%.
He explained that the list of commodities that will benefit from the agreement includes the union of metal products such as steel, aluminum, petrochemicals, consumables, transportation and wood products in addition to treated agricultural goods such as dairy, sweets and canned, and in return the UAE will benefit from broader access to the Federation market in strategic categories, most notably polymers, especially polyethylene and polypropylene alongside products. Another consumer such as cosmetics and home appliances.
Silinoff pointed out that this agreement provides concrete opportunities for Emirati companies to expand their spread in the Federation markets, which includes more than 180 million people, especially in light of the changes taking place in the global markets.

He stressed that the UAE represents a major strategic partner of the Eurasian Economic Union thanks to its distinguished geographical location and its advanced infrastructure in addition to attractive economic and investment policies, as well as it represents an important commercial gateway to the countries of the Union to the Middle East and North Africa markets, especially in light of its active expansion in the contract of commercial partnerships with many countries.
Silinoff explained that the comprehensive economic partnership agreement focuses on highly priority sectors, most notably agriculture and industry, given the strategic importance of these two sectors on both sides.
He pointed out that the countries of the Union benefited from the agreement in more than 82% of the categories of agricultural commodities, which represent 69% of their agricultural exports to the UAE, along with 87% of the categories of industrial goods, which represent 99.2% of their total industrial exports to the country.
He added that the UAE obtained privileges on 87% of the categories of industrial goods that represent 96.8% of its industrial exports to the union and include petroleum products, cosmetics, ships, water heaters, batteries, polymers, metal products, etc., while Emirati products in the agricultural sector have privileges that include more than 79% of categories that represent 69% of their agricultural exports and include goods Quality such as dates, tea, nuts, mineral water, juices and dried camel milk.
Silinoff stressed that the fields of cooperation expand to include other sectors such as manufacturing industries, forests, fish wealth, transport, logistics, information technology, e -commerce, research, development, etc., indicating that a joint work program will be developed to follow up the implementation of the agreement, pointing out that there are also ongoing bilateral negotiations on the trade and investment trade, which promotes the partnership to a comprehensive level.
With regard to future trade prospects, he stated that the volume of trade exchange between the UAE and the countries of the Union has doubled three times since 2020 at annual growth rates that exceeded 50%, indicating that the entry into force of implementation provides a strong ground to continue this momentum.
The Minister of Commerce at the Eu -Economic Commission expected that the volume of trade exchange between the two sides will double during the next few years after the end of the transitional stages and the activation of all the terms of the agreement, which opens the door to broader opportunities for investment and sustainable economic growth.

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