The UAE and the Eurasian Economic Union (EAEU) have successfully concluded negotiations for a comprehensive Economic Partnership Agreement (EPA) to boost trade between the UAE and the five EAEU members: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Andrey Slepnev, Minister for Trade of the Eurasian Economic Commission, confirmed the conclusion of talks. The EPA aims to enhance bilateral trade by reducing tariffs, eliminating technical barriers, expanding market access, and harmonizing customs procedures. It will also focus on digital trade, e-commerce, and fostering SME collaboration.
The EAEU, with a combined population of 200 mln and a GDP nearing USD 5 trillion, presents significant opportunities for the UAE’s private sector. In the first half of 2024, non-oil trade between the UAE and the EAEU reached USD 13.7 bln, marking a 29.6pct increase compared to 2023. This agreement strengthens the UAE’s position as a trade hub between Eurasia and key global markets in the Middle East, Africa, Asia, and South America.
