Dubai: The UAE finalized an economic agreement with the Eurasian Economic Union aimed at increasing non-oil bilateral trade through the reduction of tariffs and elimination of trade barriers.
The agreement will encompass the five members of the EAEU bloc - made up of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
"The Economic Partnership Agreement with the UAE is a significant milestone, given the UAE's role as a global hub in the region," said Andrey Slepnev, a member of the Eurasian Economic Commission Board. The deal ‘will provide additional boost for mutual trade, which is already showing unprecedented growth, and create systemic basis for cooperative ties’.
Bilateral non-oil trade between the UAE and the Eurasian Economic Union reached $13.7 billion during the first-half of this year, according to a statement. That's an increase of nearly 30% on an annual basis.
"With a combined population of some 200 million people and a GDP approaching $5 trillion, the EAEU offers a rich seam of opportunity for our private sector," said Thani Al Zeyoudi, the UAE's Minister of State for Foreign Trade.
Along with its growing network of partners around the globe, the UAE will aim to offer access to the competitive, high-growth markets in the Middle East, Africa, Asia and South America, according to the statement.
In 2021, the Gulf country said it planned to deepen its trade ties with fast-growing economies by attracting $150 billion in foreign investment. It has since signed pacts to grow trade with several countries, such as India, Israel and Turkey.
That push has resulted in record non-oil trade of Dh1.4 trillion ($381.2 billion) in the first six months of 2024, an increase of over 11% compared with the same period in 2023.
