UAE advances free trade agreement with EAEU

By Aya El Sayed On Oct 21, 2024

photograph distributed by the Russian state agency Sputnik, Vladimir Putin, right, meets with Sheikh Mohamed bin Zayed bin Sultan al-Nahyan at the Novo-Ogaryovo state residence outside Moscow on Oct. 20.Photographer: Artem Geodakyan/Pool/AFP/Getty Images

The United Arab Emirates (UAE) is progressing towards a free trade agreement with the Eurasian Economic Union (EAEU), as confirmed by UAE President Sheikh Mohamed bin Zayed Al Nahyan during discussions with Russian President Vladimir Putin. This agreement aims to enhance economic ties with EAEU member countries.

Negotiations for the free trade zone began in March, with multiple consultations held since then. The agreement will cover tariff liberalisation, customs and industry cooperation, e-commerce, intellectual property, and trade protection measures, according to the Russian Ministry of Economic Development.

This comprehensive economic partnership is expected to significantly strengthen the UAE’s economic relations with the EAEU, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.

Attribution: TASS

Subediting: M. S. Salama