News
11.12.2024
EAEU and UAE completed negotiations on economic partnership agreement
Andrey Slepnev, Minister in charge of Trade of the Eurasian Economic Commission, and Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the United Arab Emirates, announced the completion of negotiations on an economic partnership agreement.
"The EAEU is actively establishing a network of economic partnerships with friendly countries. The agreement with the UAE is an important milestone given the country's role as a global hub in the region. The agreement will give an additional impetus to trade between our countries, which is already showing unprecedented growth, as well as create a systemic basis for the development of cooperation ties," noted Andrey Slepnev.
"The UAE and the EAEU are developing fruitful relations based on a shared commitment to long-term growth and economic diversification. The completion of negotiations on an economic partnership agreement will deepen our interaction and allow us to develop numerous synergies," emphasized Thani bin Ahmed Al Zeyoudi.
The agreement has to undergo the appropriate internal legal procedures prior to its signing.
In December 2022, the Supreme Eurasian Economic Council decided to start negotiations with the UAE. There were four negotiating rounds in 2023 and 2024.
Once the Economic Partnership Agreement enters into force, preferential treatment will cover more than 90% of mutual trade and more than 85% of the commodity nomenclature.
