Economic Partnership Agreement Between EAEU and UAE Finalized

Negotiations for an Economic Partnership Agreement that would establish a free trade zone between the UAE and the Eurasian Economic Union (EAEU) have been finalized.

According to announcements made by Thani bin Ahmed Al Zeyoudi who is the Minister of State for Foreign Trade and Andrey Slepnev who is the Minister of Trade of the Eurasian Economic Commission (EEC).

According to the EEC, the agreement must first go through the necessary intra-state harmonisation procedures before it can be signed. Preferential treatment will apply to over 90% of mutual commerce and over 85% of commodity names after the economic partnership agreement is in effect.

“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 emphasized that the UAE’s strong confidence in positive international collaboration and the advancement of free yet rules based trade as a pillar of stability and economic progress worldwide is reflected in the conclusion of the Economic Partnership Agreement (EPA) negotiations. TV BRICS partner Emirates News Agency (WAM) has reported this.

He said, “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.”

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Al Zeyoudi added, “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.”

It was in December 2022 that the Supreme Eurasian Economic Council decided to begin negotiations with the United Arab Emirates.