Page 666 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/3/25, 3:22 PM UAE finalises trade deal with five-nation EAEU bloc | AGBI
our private sector,” he said.

Dr Thani bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign
trade, said the conclusion of talks with the EAEU represents the UAE’s
belief that open, rules-based trade can help economic growth and
stability.

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The talks involved several rounds of discussions and the concluded
negotiations are aimed at reaching a comprehensive economic
partnership agreement (Cepa), which covers a wider range of economic
cooperation areas.

Cepas also include provisions on trade in goods, services, investment
and economic cooperation.

The UAE’s Cepa programme, launched in September 2021, aims to
increase its non-oil trade to $1 trillion in value by 2031 and double the
size of its economy to over $800 billion by 2030.

Wam said the UAE has six deals in force with a further nine signed and
awaiting implementation.

The growing number of trade deals around the world has resulted in
record non-oil trade of AED1.4 trillion ($381 billion) in the first six months
of 2024, an 11.2 percent increase compared to the same period in 2023.

UAE-Eurasian Economic Union ties

Moscow said in February that it aims to double the number
of annual visitors from the UAE this year.

Following the war in Ukraine, the UAE saw a surge in the
number of Russian individuals and companies looking to
set up businesses in the Emirates.

Masdar in November of this year signed a $1.4 billion
agreement to develop a 1GW windfarm in Kazakhstan, and
in 2021 a deal for a 200MW solar power project in Armenia.

Trade between the UAE and Belarus reached $114.6
million in 2022, according to the Observatory of Economic
Complexity (OEC).

Trading Economics said trade between Kyrgyzstan and the
UAE was $1.26 billion in 2023.

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