UAE to finalise ‘Eurasian Economic Union’ trade agreements by year-end: Al Zeyoudi

Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, on Friday confirmed the UAE continues to take firm steps toward strengthening its international partnerships and solidifying its role as a global hub for trade and investment.

He noted that Friday's signing of a new Services and Investment Trade Agreement with the Russian Federation, complements the previously signed Comprehensive Economic Partnership Agreement (CEPA) with the Eurasian Economic Union (EAEU), a bloc that includes Russia, Armenia, Kazakhstan, Kyrgyzstan, and Belarus.

Commenting on the broader negotiation landscape with the remaining EAEU member states, the UAE Minister of Foreign Trade noted, “This marks the second services and investment agreement following the earlier one with Belarus. The third agreement, with Armenia, has also been finalised. We expect to conclude negotiations with both Kazakhstan and Kyrgyzstan in the near future.”

Dr. Al Zeyoudi said that he looks forward to finalising all five bilateral services and investment agreements with EAEU members before the end of this year, thereby reinforcing the UAE’s comprehensive economic engagement with the Eurasian bloc.

In statements to the Emirates News Agency (WAM), Dr. Al Zeyoudi noted that the second-of-its-kind agreement with Russia reflects the UAE’s expanding economic footprint in the EAEU region and focuses on liberalising and supporting strategic sectors, including financial and fintech services, business consulting, hospitality, logistics, renewable energy, and infrastructure development.

These agreements aim to enhance investment flows and support the economic diversification strategies of both the UAE and its partner nations.

He noted that UAE–Russia relations are witnessing significant growth, with non-oil trade between the two countries reaching about $11.5 billion in 2024, marking an increase of nearly 5 per cent compared to the previous year. Data for the first half of the current year showed exceptional growth of up to 75 per cent compared to the same period last year, driven by the overall expansion of economic relations.

He noted that the agreement with Russia builds on last month’s signing of the EAEU-wide CEPA, which provides for the liberalisation of 95 per cent of total trade volume and 85 per cent of tariff lines between the UAE and the Eurasian bloc.

Dr. Al Zeyoudi highlighted the strategic importance of Eurasia as a priority trade expansion zone, noting its population of over 200 million people.

He added that bilateral trade with the Eurasian bloc grew by 27 per cent in 2024, reaching nearly $30 billion, a testament to the UAE’s forward-looking policy of economic openness and global AI intergration.