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Eurasian Economic Union

Eurasian Economic Union, UAE finalize talks on economic partnership

The agreement will provide a significant boost to trade between the countries and will establish a foundational system for the development of cooperative ties, Minister for Trade of the Eurasian Economic Commission Andrey Slepnev noted

MOSCOW, December 11. /TASS/. The Eurasian Economic Union (EAEU) and the United Arab Emirates (UAE) have completed negotiations on entering into an economic partnership agreement, the Eurasian Economic Commission (EEC) announced in a press release.

"Minister for Trade of the Eurasian Economic Commission Andrey Slepnev and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi declared the completion of negotiations on entering into the economic partnership agreement. The agreement must undergo the necessary internal state approval procedures before it can be signed," the EEC stated.

The agreement will provide a significant boost to trade between the countries, which is already experiencing unprecedented growth, even without it, and will establish a foundational system for the development of cooperative ties, Slepnev noted.

The decision to initiate discussions with the UAE was made by the supreme Eurasian Economic Council in December 2022. Four rounds of talks were held in 2023 and 2024.

Preferential conditions will cover over 90% of mutual trade and more than 85% of the trade nomenclature once the agreement takes effect, the EEC added.

Tags

Eurasian Economic Union Trade & Cooperation

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