Page 670 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:07 PM UAE, EAEU finalise negotiations on Economic Partnership Agreement
Andrey Slepnev confirmed that the EPA will not only deepen trade relations by improving market access for goods and
removing unnecessary barriers to trade, but also provide new opportunities for economic and technological cooperation
between countries.

Slepnev said, "The EAEU actively forms a network of economic partnerships with friendly countries. The Economic
Partnership Agreement with the United Arab Emirates is a significant milestone, given the UAE’s role as a global hub in
the region. The EPA will provide additional boost for mutual trade, which is already showing unprecedented growth, and
create systemic basis for cooperative ties.”

Following several rounds of discussions, the EPA reflects deepening ties between the UAE and EAEU. In the first half of
2024, the UAE shared non-oil trade worth $13.7 billion with the bloc, representing a climb of 29.6% on the same period
in 2023.

The deal aims to boost these figures through reducing or removing tariffs, eliminating technical barriers to trade,
expanding market access, and aligning customs procedures. The EPA will also seek to harmonise digital trade and e-
commerce in addition to creating new platforms SME collaboration.

The agreement reinforces the centrality of foreign trade to the UAE’s economic agenda. The Comprehensive Economic
Partnership Agreement program now boasts six deals in force with a further nine signed and awaiting implementation.

The UAE’s expanding network of trade deals resulted in record non-oil trade of Dhs1.4 trillion in the first six months of
2024, an 11.2% increase compared to the same period in 2023.

In August, Dr Thani bin Ahmed Al Zeyoudi affirmed that the UAE has placed foreign trade at the centre of its economic
agenda, recognising its pivotal role in driving industrial output, enhancing the global competitiveness of its products and
services, as well as catalysing innovation.

He said, “As a direct result of this conviction, and guided by our leadership’s forward-thinking vision and commitment to
global collaboration, our non-oil foreign trade continues to set new milestones.”

Dr Al Zeyoudi noted that the value of the UAE's non-oil trade has remained on a robust growth trajectory, reaching an
all-time high of Dhs1.395 trillion in the first half of 2024 – the sixth consecutive half-year period of foreign trade growth.

This new milestone marks an 11.2 per cent increase in foreign trade compared to H1 in 2023, and underscores the
success of the UAE’s economic diversification strategies, he said, adding that this is best embodied by the increase of
the UAE's non-oil exports, which grew 25 percent compared to H1 2023 to reach Dhs256.4 billion.

Dr Al Zeyoudi emphasised that key sectors, including gold, silver, jewellery, oils, perfumes, aluminium, copper wires,
and iron products, have led this impressive surge in non-oil exports, demonstrating the country's enhanced global
competitiveness. “Our re-export operations also increased, highlighting our status as a global trade hub and reflecting
international confidence in the UAE as a reliable trade partner and facilitator.”

“Moreover, our performance defies the global trend of slowing trade growth, which averaged just 1.5 per cent in the first
half of this year. This achievement shows the UAE economy’s resilience, which is the result of our steadfast
commitment to building strong, productive public-private partnerships as well as fostering collaborative growth with
emerging global economies," he added.

Importantly, it’s clear that our Comprehensive Economic Partnership Agreement (CEPA) programme is playing a central
role in achieving these record results, Dr Al Zeyoudi stated. He stressed that bilateral trade with CEPA partners India
and Türkiye grew 15 and 9.8 percent respectively, and, together, now account for 11.7 percent of the UAE's total foreign
trade.

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