"Andrey Slepnev, the minister of trade of the Eurasian Economic Commission, and Thani bin Ahmed Al Zeyoudi, the minister of state for foreign trade of the United Arab Emirates, announced the completion of negotiations on an economic partnership agreement," the commission said in a statement.
The Eurasian Economic Union (EAEU) is actively establishing a network of economic partnerships with friendly countries, the statement said, adding that the agreement with the UAE is an important milestone, taking into account the country’s role as a global hub in the region.
Al Zeyoudi said that the UAE and the EAEU are developing "fruitful relations, based on common commitment to long-term growth and economic diversification." The minister also expressed certainty that the talks would deepen economic interaction between the UAE and the EAEU and enable the development of "numerous synergic ties."
The agreement will establish a preferential trade regime covering over 90% of mutual trade and over 85% of the commodity nomenclature, the commission said.
The decision to start negotiations with the UAE was taken in 2022, and four rounds of talks took place in 2023 and 2024.
The EAEU was founded in 2014. The union has five member states: Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.