Page 710 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:11 PM UAE And Eurasian Economic Union Finalise Economic Partnership Agreement - OneArabia

Andrey Slepnev highlighted that the EPA will enhance trade relations by improving market access and removing unnecessary barriers. It will also
foster new opportunities for economic and technological cooperation among countries involved. Slepnev remarked, "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 agreement aims to increase mutual trade by reducing tariffs, eliminating technical barriers, expanding market access, and aligning customs
procedures. It also seeks to harmonise digital trade and e-commerce while creating new platforms for SME collaboration.

Impact on Non-Oil Trade

The EPA reflects strengthening ties between the UAE and EAEU after several rounds of discussions. In early 2024, non-oil trade between them
reached US$13.7 billion—a 29.6% rise compared to 2023's same period figures. This deal aims to further boost these numbers through various
measures.

The UAE's expanding network of trade agreements has led to record non-oil trade figures of AED1.4 trillion in the first half of 2024—an 11.2%
increase from 2023's corresponding period.

This comprehensive agreement reinforces foreign trade as central to the UAE’s economic agenda. The Comprehensive Economic Partnership
Agreement program now includes six active deals with nine more signed awaiting implementation.

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