UAE, Eurasian Economic Commission to advance trade collaboration
MOSCOW, 21st September, 2024 (WAM) -- Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has held talks with Andrey Slepnev, Minister in charge of Trade for the Eurasian Economic Commission, in Moscow to discuss expanding trade and investment opportunities between the UAE and the Eurasian bloc, which includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.
The two ministers also reviewed progress on the ongoing negotiations towards a Comprehensive Economic Partnership Agreement, which are at advanced stage and will create a framework.
During the talks, the ministers highlighted the areas of greatest potential for their respective private sectors, including logistics, manufacturing, agriculture and transport, and the increasing opportunity for a north-south trade corridor connecting the UAE and Russia.
Dr Thani said the meeting confirmed the importance of Eurasia to the UAE’s foreign trade ambitions. “Our commitment to open, rules-based trade is a central pillar of our economic policy, and our pursuit of stronger ties with key partners around the world is helping to propel our non-oil foreign trade to record levels. With its industrial capabilities, strong food production sector and strategic location straddling two continents, the Eurasian Economic Union is a key focus of these efforts, and my discussions this week underline a shared vision of closer economic integration. I am confident we can secure greater opportunity for our businesses and unlock the vast potential of UAE-Eurasia relations," he noted.
Andrey Slepnev welcomed the visit by Dr Thani, saying it reflected the strength of their relations, and noted that tangible results were achieved following the four rounds of negotiations on the Economic Partnership Agreement. “We recognise the long-standing friendship and strong economic ties between the Eurasian Economic Union Member States and the United Arab Emirates and do believe that the Economic Partnership Agreement will enhance mutual benefits for our nations and strengthen economic and trade cooperation,” underscored Andrey SLEPNEV.
The Eurasian Economic Union has been a key partner of the UAE since its formation a decade ago. In the first half of 2024, the value of non-oil trade between the UAE and the members of the Eurasian Economic Union reached US$13.7 billion, a 29.6 percent on the same period in 2023.
