UAE and Eurasian Commission to enhance trade cooperation
Sep 21, 2024
Moscow [Russia], September 21 (ANI/WAM): Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held discussions with Andrey Slepnev, Minister in charge of Trade for the Eurasian Economic Commission, in Moscow.
Their talks focused on expanding trade and investment opportunities between the UAE and the Eurasian bloc, which includes Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan.
The two ministers also reviewed the progress of ongoing negotiations toward a Comprehensive Economic Partnership Agreement (CEPA), which is at an advanced stage and aims to create a robust framework for collaboration.
During their discussions, the ministers emphasised key sectors with high potential for their respective private sectors, including logistics, manufacturing, agriculture, and transport. They also noted the growing opportunity for establishing a north-south trade corridor that would connect the UAE and Russia.
Thani remarked on the significance of Eurasia in the UAE's foreign trade strategy. "Our commitment to open, rules-based trade is a central pillar of our economic policy, and our pursuit of stronger ties with key partners around the world is helping to propel our non-oil foreign trade to record levels. With its industrial capabilities, strong food production sector, and strategic location straddling two continents, the Eurasian Economic Union is a key focus of these efforts, and my discussions this week underline a shared vision of closer economic integration. I am confident we can secure greater opportunity for our businesses and unlock the vast potential of UAE-Eurasia relations," he noted.
Andrey Slepnev welcomed Thani's visit, stating that it reflected the strength of their relations. He highlighted that tangible results were achieved following four rounds of negotiations on the Economic Partnership Agreement.
"We recognize the long-standing friendship and strong economic ties between the Eurasian Economic Union Member States and the United Arab Emirates and believe that the Economic Partnership Agreement will enhance mutual benefits for our nations and strengthen economic and trade cooperation," underscored Andrey Slepnev.
Since its formation a decade ago, the Eurasian Economic Union has been a key partner for the UAE. In the first half of 2024, the value of non-oil trade between the UAE and the members of the Eurasian Economic Union reached an impressive USD 13.7 billion, a 29.6 percent increase compared to the same period in 2023. (ANI/WAM)
