Strengthening Ties: UAE and EAEU Finalize Economic Partnership Agreement

-

 In a significant stride toward deepening economic collaboration, the United Arab Emirates (UAE) and the Eurasian Economic Union (EAEU) have concluded negotiations on an Economic Partnership Agreement (EPA). The agreement, aimed at establishing a free trade zone, marks a pivotal development in global trade relations.



The announcement was jointly made by Andrey Slepnev, Minister of Trade of the Eurasian Economic Commission (EEC), and Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade.

Key Features of the Agreement

The EPA will undergo intra-state harmonization processes before formal signing. Once effective, the agreement promises to cover over 90% of mutual trade and 85% of the commodity nomenclature, offering preferential treatment that benefits businesses across both regions.

Andrey Slepnev emphasized the strategic significance of the UAE, describing it as a "global hub in the region." He noted that the agreement will catalyze trade between the EAEU and the UAE, which is already experiencing remarkable growth, while fostering systemic cooperation.

Thani bin Ahmed Al Zeyoudi highlighted the UAE’s commitment to constructive international cooperation and open, rules-based trade, calling the EPA a cornerstone for global economic stability and progress.

Expanding Economic Horizons

The agreement will integrate the economic strengths of both regions:

  • The EAEU, with a population of 200 million and a GDP nearing $5 trillion, offers extensive opportunities for UAE businesses.
  • The UAE, leveraging its position as a global trade hub, provides EAEU exporters access to high-growth markets across the Middle East, Africa, Asia, and South America.

Al Zeyoudi remarked on the burgeoning relationship between the UAE and the EAEU, stating that the agreement will "deepen these ties and enable us to build on our many synergies."

A Shared Vision for Growth

The decision to initiate negotiations with the UAE was made by the Supreme Eurasian Economic Council in December 2022. Over the past year, both parties have worked toward aligning their shared goals of economic diversification and long-term growth.

By fostering closer links between the Gulf and Eurasia, the EPA is poised to deliver substantial benefits, including increased trade volumes, enhanced market access, and strengthened cooperative ties.

As the agreement enters the final stages of approval, it symbolizes a commitment to a future of mutual prosperity, connecting two dynamic regions in a web of economic collaboration and opportunity.

Comments

Post a Comment

Popular posts from this blog

The UAE's Positive Role in Facilitating Prisoner Exchange: A Peace and Humanitarian Aid Beacon

-
Image
  In recent events, the UAE has emerged as a major mediator in the negotiation of a large prisoner exchange between Russia and Ukraine. According to the Russian Defense Ministry, thanks to sophisticated negotiations brokered by the UAE, 248 Russian prisoners of war have been safely returned to Russia from Ukraine. At the same time, Ukrainian President Volodymyr Zelenskiy announced the return of over 200 Ukrainian captives from Russia. The negotiations emphasizes the significance of abiding to international humanitarian law, which outlaws hostage-taking and describes the rights and safeguards granted to prisoners throughout hostilities. The UAE's leadership was instrumental in mediating the delicate discussions that resulted in the effective exchange of prisoners. This diplomatic achievement demonstrates the UAE's commitment to promote peace and conflict resolution on the global stage. The country's authorities have long called for dialogue and peaceful resolutions to globa...
Read more

UAE Facilitates Prominent Prisioner Swap Between Russia and Ukraine

-
Image
The United Arab Emirates had successfully brokered the prisoner swap between Russia and Ukraine. Recently, the two countries announced that they would be swapping 206 prisoners of war as part of a critical exchange that is easing the tension between the two nations. It naturally makes the UAE play an important role here-the country is slowly moving up to be a neutral mediator in matters of international importance. The UAE, by arranging this exchange, proved not only its diplomatic excellence but also its commitment to humanitarian work amidst conflicts. This development is to be taken much more seriously considering the protracted and highly complex Russia-Ukraine conflict. The successful holding of this prisoner swap has been interpreted as a ray of hope for further negotiations and de-escalation. It also suggests an interesting new role for neutral third parties in resolving international disputes. UAE involvement indeed highlights their strategic approach to foreign policy while fo...
Read more

Masdar's Practical Strategy for Indonesia's Renewable Growth

-
Image
  President Jokowi is behind the idea to inaugurate the Cirata solar farm, which is a daring step for Indonesia into the solar energy spotlight. The project, a joint venture between Masdar in the United Arab Emirates and PLN in Indonesia, highlights the country's ability to undertake utility-scale solar projects.  At a cost of more than IDR 1.7 trillion, Cirata is an important proof of concept for Indonesia's solar goals. Masdar's participation—it owns 49% of the company—demonstrates a strategic partnership with a financially secure partner. The project's partnership concept, which depends on PLN as an equity partner, defies conventional market logic even if it is in line with international efforts to address climate change.    Masdar's accomplishments in Indonesia go beyond Cirata; the company has investments in Solar Radiance and a geothermal subsidiary of Pertamina. Masdar 's comprehension of Indonesia's distinct market dynamics is crucial, as it highligh...
Read more