Strengthening Economic Ties Between the EAEU and the UAE

 

The Eurasian Economic Union EAEU and the UAE have concluded negotiations on an economic partnership agreement, marking a significant milestone in their growing economic cooperation.

This agreement is expected to provide a major boost to trade and investment between the two regions. The EAEU which includes Russia Belarus Kazakhstan Kyrgyzstan and Armenia, will gain access to the UAE strategic position as a global business hub. Conversely the UAE will be able to tap into the larger EAEU market which has a combined population of over 180 million people.

According to the Eurasian Economic Commission the preferential regime under the agreement will cover more than 90% of mutual trade and over 85% of the product range between the EAEU and the UAE. This means that tariffs and other trade barriers will be significantly reduced making it easier for businesses to move goods and services between the two regions.

The agreement is also seen as an important step in the EAEU efforts to build a network of economic partnerships with friendly countries around the world. The UAE with its diversified economy and global reach is viewed as a strategic partner that can help the EAEU expand its economic influence beyond its traditional spheres of influence.

For the UAE, the partnership with the EAEU aligns with its broader economic diversification strategy which aims to reduce the country reliance on oil and gas exports. By fostering closer ties with the EAEU the UAE can tap into new markets and investment opportunities further strengthening its position as a global economic hub.

Both sides have expressed optimism about the potential of the agreement with Andrey Slepnev the Member of the Board Minister for Trade of the Eurasian Economic Commission stating that it will give an additional impetus to trade between our countries which is already showing unprecedented growth and will also create a solid basis for further cooperation.