UAE – Eurasian Economic Union Hold Free Trade Agreement Talks
Russian and UAE senior trade representatives shake hands in Moscow
UAE-EAEU trade now US$6.3 billion and rising fast
The UAE and the Eurasian Economic Union (EAEU) have held a second round of negotiations in Moscow concerning a potential free trade economic partnership. The discussions took place from June 20-22. The EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
Mikhail Cherekaev, the Deputy Director of the Eurasian Economic Commission’s Trade Policy Department, said that “The initiative had a success, with appreciable advance made in agreeing the regulatory part, and full accord attained on some chapters of the draft agreement. We have embarked on negotiating the lists of commodities to be traded duty free. Our Emirati colleagues showed their willingness to stay dynamic while preparing the agreement.”
The EAEU’s trade turnover with the UAE surged 60.9% over 2022 to US$6.3 billion, with imports decreasing 6.8% to around US$418 million and exports soaring 69.4% to US$5.9 billion. Q1 2023 trade turnover increased by 240% over the previous year.
The UAE is party to several multilateral and bilateral trade agreements, including with partner countries in the GCC, while Dubai has become a centre for Russian outbound investment as the country looks to pivot its trade to the East.
Dezan Shira & Associates assist foreign investors throughout Asia and have an office in Dubai. For assistance in the UAE please contact Maria Kotova at dubai@dezshira.com