MOSCOW, March 15. /TASS/. Russia may open a representative office of the Federal Customs Service in the UAE, Deputy Prime Minister Denis Manturov said during a meeting of the intergovernmental Russian-Emirati Commission for Trade, Economic and Technical Cooperation.

"Closer interaction between the customs authorities of Russia and the United Arab Emirates is necessary for fostering as seamless conditions as possible for trade turnover. In this regard, we plan to open a representative office of the Federal Customs Service [in your country] and subsequently believe it would be advisable to conclude an intergovernmental agreement on cooperation in customs matters," Manturov said.

Trade turnover between Russia and the UAE stood at $9 billion as of year-end 2022, the official said, representing an increase of 68%, as reported earlier. "We see a reserve for further scaling up mutual trade volumes, broadening the product mix and creating the conditions for balancing trade flows," the deputy prime minister noted.

The transition to using national currencies in mutual settlements is yet another condition for boosting turnover between the two trade partners. "The use of the [Russian] ruble and the [Emirati] dirham without the need for conversion into global reserve currencies minimizes the impact of external factors on our economic ties. This pertains not merely to the area of trade, but also to key avenues for industrial cooperation," Manturov added.