UAE Strengthens Economic Ties with Eurasian Economic Union
The UAE has signed a significant economic agreement with the Eurasian Economic Union (EAEU) to boost non-oil trade by reducing tariffs and eliminating trade barriers. This deal includes the EAEU’s five member states: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, representing a combined GDP of nearly $5 trillion and a population of around 200 million.
Key Highlights:
Strategic Vision:
This partnership aligns with the UAE’s plan to attract $150 billion in foreign investment, building on record non-oil trade of AED 1.4 trillion ($381.2 billion) in the first half of 2024, an 11% rise from 2023.
Private Sector Opportunities:
“With the EAEU’s dynamic markets and the UAE’s strategic location, this partnership unlocks immense potential for private-sector growth,” said Thani Al Zeyoudi, UAE Minister of State for Foreign Trade.
This agreement underscores the UAE’s role as a leader in global trade and economic collaboration.
