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Russia, UAE finalizing free trade zone agreement

Russian Deputy Minister of Economic Development Vladimir Ilyichev added that "there are discussions with colleagues in respect of how dangerous the UAE jewelry industry is for our producers"

MOSCOW, April 29. /TASS/. Russia and the United Arab Emirates are at the final stage of preparing the free trade zone agreement, Russian Deputy Minister of Economic Development Vladimir Ilyichev said at the RBC Foreign Trade Forum.

"We completed 80% of the path with Indonesia. We have some points in tariff agreements that require finalizing and all the chances are in place to complete that by the end of the year. We are also at the closing stage with the UAE, although there are discussions with colleagues in respect of how dangerous the UAE jewelry industry is for our producers. We would like to agree upon more reliable instruments in the agreement," Ilyichev said.

The ministry is "fairy optimistic" in respect of reaching an agreement in Mongolia, the official said. "We assume that we will complete by the end of the year. One or two steps remain. It has never been a simple story, this is also the issue of mutual interests, specific industries. The case with India and Egypt has been rather challenging thus far. Concerning India, this is due to a large imbalance in trade," the deputy minister added.