Abu Dhabi: The United Arab Emirates and the Eurasian Economic Union (EAEU) have successfully concluded negotiations on Comprehensive Economic Partnership Agreement (CEPA).
The agreement is aimed at enhancing trade between the UAE and the five EAEU member states: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Andrey Slepnev, Member of the Board (Minister) responsible for Trade at the Eurasian Economic Commission, confirmed the completion of the agreement.
Al Zeyoudi emphasized that this milestone highlights the UAE’s commitment to international cooperation and promoting open, rules-based trade as fundamental drivers of global economic growth and stability.
Al Zeyoudi added that, “The conclusion of the EPA reflects the strong and productive relationship between the UAE and the EAEU, based on shared goals of long-term growth and economic diversification. The agreement will further strengthen our ties and build upon our existing synergies.”
With a combined population of around 200 million and a GDP nearing $5tn (AED18.37tn), the EAEU offers substantial opportunities for the UAE’s private sector.
The UAE, in turn, provides EAEU exporters with access to high-growth markets across the Middle East, Africa, Asia, and South America. Al Zeyoudi highlighted that the EPA will enhance vital connections between the Gulf and Eurasia regions.
Slepnev remarked that the agreement will not only improve market access and eliminate trade barriers but will also open new avenues for economic and technological collaboration.
Slepnev described the deal as a crucial step in strengthening the relationship between the UAE and EAEU, acknowledging the UAE’s key role as a global hub.
Trade between the UAE and the EAEU is already on the rise, with non-oil trade reaching $13.7bn (AED 50.3bn) in the first half of 2024, marking a 29.6% increase from the same period in 2023.
The EPA aims to further boost trade by reducing tariffs, removing technical barriers, expanding market access, aligning customs procedures, and harmonizing digital trade and e-commerce. The agreement also includes provisions to foster SME collaboration.
This deal further supports the UAE’s economic priorities, complementing its Comprehensive Economic Partnership Agreement program, which has already concluded six deals, with nine more pending implementation.