The Eurasian Economic Union (EAEU) and the UAE have finalised negotiations on an Economic Partnership Agreement that would create a free trade zone between the countries.

Andrey Slepnev, Minister of Trade of the Eurasian Economic Commission (EEC), and Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, announced the completion of the negotiations.

The agreement will have to undergo the relevant procedures of intra-state harmonisation prior to its signing, the EEC said. After the economic partnership agreement comes into force, preferential treatment will cover more than 90 per cent of mutual trade and more than 85 per cent of the commodity nomenclature.

“The agreement with the UAE is an important milestone given the country’s role as a global hub in the region. The agreement will give an additional impetus to trade between our states, which is already showing unprecedented growth, as well as create a systemic basis for the development of co-operative ties,” Slepnev said.

Al Zeyoudi stressed that the conclusion of Economic Partnership Agreement (EPA) 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. This is reported by
Emirates News Agency (WAM), a partner of TV BRICS.

“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 said.

“With a combined population of some 200 million people and a GDP approaching US$5 trillion, the EAEU offers a rich seam of opportunity for our private sector, while the UAE and its growing network of global trade partners offers EAEU 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 our deeper ties unfold,” Al Zeyoudi added.

The decision to start negotiations with the UAE was taken by the Supreme Eurasian Economic Council in December 2022. 

Photo: Emirates News Agency (WAM)