EAEU and UAE Seal Historic Economic Partnership

A New Era of Trade Cooperation Begins

The Eurasian Economic Union (EAEU) and the United Arab Emirates (UAE) have successfully concluded negotiations for a landmark Economic Partnership Agreement (EPA). This agreement aims to establish a free trade zone, enhancing economic ties and providing significant benefits to both regions.

The finalized EPA marks a pivotal moment in international trade relations, as it promises to cover over 90% of mutual trade and 85% of commodity nomenclature with preferential treatment. This strategic move is expected to boost economic cooperation between the EAEU, comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, and the UAE, a key global trade hub.

Andrey Slepnev, the Minister of Trade for the Eurasian Economic Commission (EEC), highlighted the agreement's role in fostering unprecedented growth in trade between these regions. "This agreement is a significant milestone," Slepnev noted, emphasizing its potential to create a systemic foundation for cooperative economic ties.

Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, echoed these sentiments by underscoring the UAE's commitment to open, rules-based trade. He stated that the EPA reflects the UAE's dedication to constructive international cooperation and economic diversification.

The agreement is poised to unlock new markets across the Middle East, Africa, Asia, and South America. With a combined population of approximately 200 million people and a GDP nearing $5 trillion, this partnership offers vast opportunities for private sectors in both regions.

As the EPA undergoes domestic harmonization procedures before its official signing, it stands as a testament to the power of strategic economic alliances. The EAEU-UAE partnership not only strengthens regional ties but also sets a precedent for future global trade agreements. This collaboration is expected to yield tangible benefits, fostering economic growth and stability across multiple continents.