Page 702 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:10 PM UAE: UAE, Eurasian economic union conclude negotiations on Economic partnership agreement
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 US$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 AED1.4 trillion in the first six months of 2024, an 11.2%

increase compared to the same period in 2023.

https://www.gdnonline.com/Details/1339299/UAE,-Eurasian-economic-union-conclude-negotiations-on-Economic-partnership-agreement 3/3