UAE and Eurasian Economic Bloc Mull Stronger Trade Ties

Dr. Thani Al Zeyoudi of UAE and Andrey Slepnev of the Eurasian Economic Commission discussed expanding trade opportunities and advancing a Comprehensive Economic Partnership Agreement in Moscow. Their talks highlighted potential sectors and emphasized the importance of a north-south trade corridor.

In Moscow, Dr. Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade, held discussions with Andrey Slepnev, Minister in charge of Trade for the Eurasian Economic Commission. The dialogue centered on enhancing trade and investment opportunities between the UAE and the Eurasian bloc, which includes Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan.

The ministers reviewed the progress of ongoing negotiations for a Comprehensive Economic Partnership Agreement (CEPA), now at an advanced stage, aiming to build a robust collaboration framework. Key sectors with high potential, such as logistics, manufacturing, agriculture, and transport, featured prominently in their discussions. They also discussed the prospect of establishing a north-south trade corridor linking the UAE and Russia.

Thani emphasized the strategic importance of Eurasia in the UAE's foreign trade policy. "Our commitment to open, rules-based trade is central to our economic strategy," he stated. "Eurasian Economic Union, with its industrial capabilities, strong food sector, and strategic location, plays a crucial role in our efforts to enhance non-oil foreign trade." Meanwhile, Slepnev lauded Thani's visit, recognizing the progress in the four rounds of Economic Partnership Agreement negotiations and the longstanding friendship between the blocs. He remarked on the tangible results achieved and the impressive 29.6 percent increase in non-oil trade, reaching USD 13.7 billion in the first half of 2024.

(With inputs from agencies.)