UAE and Eurasian Economic Union Discuss Stronger Trade Ties in Moscow
Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, met with Andrey Slepnev, Minister of Trade for the Eurasian Economic Commission, in Moscow. Their discussions focused on expanding trade and investment opportunities between the UAE and the Eurasian bloc, which includes Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan.
The two ministers reviewed the progress of ongoing negotiations toward a Comprehensive Economic Partnership Agreement (CEPA), which is at an advanced stage and aims to create a robust framework for collaboration. They emphasized key sectors with high potential for their respective private sectors, including logistics, manufacturing, agriculture, and transport. They also noted the growing opportunity for establishing a north-south trade corridor that would connect the UAE and Russia.
Thani remarked on the significance of Eurasia in the UAE’s foreign trade strategy. “Our commitment to open, rules-based trade is a central pillar of our economic policy, and our pursuit of stronger ties with key partners around the world is helping to propel our non-oil foreign trade to record levels. With its industrial capabilities, strong food production sector, and strategic location straddling two continents, the Eurasian Economic Union is a key focus of these efforts, and my discussions this week underline a shared vision of closer economic integration. I am confident we can secure greater opportunity for our businesses and unlock the vast potential of UAE-Eurasia relations,” he noted.
Andrey Slepnev welcomed Thani’s visit, stating that it reflected the strength of their relations. He highlighted that tangible results were achieved following four rounds of negotiations on the Economic Partnership Agreement. “We recognize the long-standing friendship and strong economic ties between the Eurasian Economic Union Member States and the United Arab Emirates and believe that the Economic Partnership Agreement will enhance mutual benefits for our nations and strengthen economic and trade cooperation,” underscored Andrey Slepnev.
Since its formation a decade ago, the Eurasian Economic Union has been a key partner for the UAE. In the first half of 2024, the value of non-oil trade between the UAE and the members of the Eurasian Economic Union reached an impressive USD 13.7 billion, a 29.6 percent increase compared to the same period in 2023.
Doubts Revealed
UAE -: UAE stands for the United Arab Emirates. It is a country in the Middle East, known for cities like Dubai and Abu Dhabi.
Eurasian Economic Union -: The Eurasian Economic Union (EAEU) is a group of countries that work together to make trade easier. It includes Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan.
Moscow -: Moscow is the capital city of Russia. It is a very big and important city in the country.
Dr. Thani bin Ahmed Al Zeyoudi -: Dr. Thani bin Ahmed Al Zeyoudi is a government official from the UAE. He is the Minister of State for Foreign Trade.
Andrey Slepnev -: Andrey Slepnev is a government official from the Eurasian Economic Commission. He is the Minister of Trade.
Eurasian bloc -: The Eurasian bloc refers to the countries that are part of the Eurasian Economic Union. These countries work together to improve trade and economic relations.
Comprehensive Economic Partnership Agreement (CEPA) -: CEPA is a type of agreement between countries to make trade easier and better. It helps countries buy and sell goods and services with fewer problems.
logistics -: Logistics is the process of planning and managing how goods are moved from one place to another. It includes transportation, storage, and delivery.
non-oil trade -: Non-oil trade means buying and selling goods that are not related to oil. This can include things like food, clothes, and electronics.
USD 13.7 billion -: USD 13.7 billion means 13.7 billion US dollars. It is a way to measure the value of trade between countries.
