UAE, Eurasian Economic Commission advance trade collaboration

The UAE has explored ways to expand trade and investment ties with the Eurasian bloc, which includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, met with Andrey Slepnev, Minister in charge of Trade for the Eurasian Economic Commission, in Moscow.

The ministers discussed the progress of ongoing negotiations for a Comprehensive Economic Partnership Agreement, which are currently at an advanced stage and aim to establish a solid framework for cooperation.

Key sectors identified for potential growth include logistics, manufacturing, agriculture, and transport, along with opportunities for a north-south trade corridor linking the UAE and Russia.

"Our commitment to open, rules-based trade is central to our economic policy. Strengthening ties with key partners is driving our non-oil foreign trade to record levels. The Eurasian Economic Union, with its industrial capabilities and strategic location, is pivotal to our efforts, and my discussions this week reaffirm our shared vision for closer economic integration," said Dr. Al Zeyoudi, who emphasised the strategic importance of Eurasia to the UAE’s foreign trade goals.

Andrey Slepnev welcomed the UAE minister's visit, highlighting the tangible progress made through four rounds of negotiations on the Economic Partnership Agreement.

"This reflects the enduring friendship and strong economic ties between the Eurasian Economic Union and the UAE. We believe this agreement will enhance mutual benefits and strengthen our cooperation," he said.

The Eurasian Economic Union has been a vital partner for the UAE since its inception. In the first half of 2024, non-oil trade between the UAE and its member states reached $13.7 billion, a notable increase of 29.6 per cent compared to the same period last year.