The United Arab Emirates is actively continuing to work on a free trade agreement with the Eurasian Economic Union (EAEU), which demonstrates the growing interest in strengthening economic ties between the two regions. UAE President Sheikh Mohammed bin Zayed Al Nahyan emphasizes the importance of this agreement, which will be a significant step towards strengthening the partnership. During recent talks with Russian leader Vladimir Putin, he noted that this agreement will open new horizons for both sides, providing favorable conditions for trade and investment.
Negotiations on the creation of a free trade zone between the UAE and the EAEU began in March 2023, and during this time the parties held a number of consultations aimed at agreeing on key aspects of the upcoming document. The agreement will reportedly address such important issues as tariff liberalization, customs cooperation and intellectual property protection, which in turn will contribute to the deepening of economic relations. The UAE already has experience in concluding multifaceted comprehensive economic partnership agreements with other countries, such as India and Turkey, and expects to successfully conclude negotiations with the EAEU by the end of 2024.
The EAEU, in turn, is an integrated economic union that includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. The free trade agreement with the UAE, which the UAE is seeking to sign, could have a significant impact on the economic dynamics in the region, opening up new opportunities for trade and cooperation. The observer status granted to Cuba, Moldova, and Uzbekistan only enhances the importance of this union as a platform for international economic integration and cooperation.
