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The UAE said on Wednesday that it has finalised comprehensive economic partnership agreement (CEPA) negotiations with the Eurasian Economic Union (EAEU) to boost non-oil bilateral trade through the reduction of tariffs and elimination of trade barriers with the bloc.
“With a combined population of some 200 million people and a GDP approaching $5tn, the Eurasian bloc offers a rich seam of opportunity for our private sector, while the UAE and its growing network of global trade partners offer exporters access to the high-growth markets in the Middle East, Africa, Asia and South America,” said Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
The trade pact will encompass the five members of the EAEU bloc, made up of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The UAE’s non-oil trade with the bloc reached $13.7bn in the first half of 2024, a 29.6 per cent increase compared to the corresponding period a year ago.
The trade deal seeks to harmonise digital trade and e-commerce in addition to creating new platforms for SME collaboration.
“The Economic Partnership Agreement with the UAE is a significant milestone, given the UAE’s role as a global hub in the region,” said Andrey Slepnev, a member of the Eurasian Economic Commission Board.
The pact “will provide an additional boost for mutual trade, which is already showing unprecedented growth, and create the systemic basis for cooperative ties.”
The UAE Government said in 2021 it planned to deepen its trade ties with fast-growing economies by attracting $150bn in foreign investment. Its non-oil trade reached a record Dhs1.4tn in H1 2024, an 11.2 per cent increase in foreign trade compared to the corresponding period a year ago.
The Gulf state’s CEPA programme aims to increase the country’s non-oil foreign trade to Dhs4tn by expanding relations with strategically important markets around the world.
Earlier in October, the UAE’s signed CEPA agreements with Serbia, Malaysia and Jordan. It also signed bilateral trade agreements with Australia, Vietnam and New Zealand in September.
Since 2021, the Emirates has initiated a raft of bilateral trade, investment, and cooperation deals to bolster efforts to diversify income sources and economic sectors. To date, it has ratified five CEPAs with India, Israel, Indonesia, Türkiye, Cambodia, and Georgia.
Read: New Zealand seals trade deal with GCC to boost exports, investment
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