Today's Edition
ABU DHABI (WAM)
Minister in charge of Trade at the Eurasian Economic Commission, Andrey Slepnev, affirmed that the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the Eurasian Economic Union (EAEU) represents a strategic milestone in deepening economic cooperation between the two sides.
He noted that the agreement will support trade diversification efforts and enhance mutual investment flows.
Speaking to WAM, Slepnev said, “The UAE is one of the most prominent trading partners for EAEU countries, with its share in the Union’s total foreign trade rising to two percent, placing it among the top ten global trading partners for the Eurasian Union.”
He pointed out that the Union’s exports to the UAE have quadrupled over the past two years, while Emirati exports to Union markets have increased by more than 50 percent.
He underlined that this rapid growth reflects the strength of economic ties between the two sides.
He stated that the UAE, supported by this momentum, has become a key trade hub for all EAEU countries, surpassing major international partners such as Japan, Brazil, Egypt, and Vietnam.
He added, “The CEPA aims to reinforce this growth by removing customs restrictions and expanding the scope of exchanged goods. It was agreed to reduce customs duties on more than 85 percent of goods, which will lower customs protection rates on Union products in the Emirati market from 5 percent to 0.6 percent, and on Emirati products in Union markets from 5.9 percent to 1.5 percent.”
Slepnev clarified that the list of goods benefiting from the agreement includes, on the Union’s side, metal products such as steel and aluminium, petrochemicals, consumer goods, means of transport and wooden products, in addition to processed agricultural goods, including dairy products, confectionery and canned foods.
He continued, “In contrast, the UAE will benefit from wider access to the Union market in strategic categories, most notably polymers, especially polyethylene and polypropylene, alongside other consumer products such as cosmetics and home appliances.”
Slepnev noted that the agreement offers tangible opportunities for Emirati companies to expand their presence in Union markets, which comprise more than 180 million people, particularly given the ongoing transformations in global trade dynamics.
He emphasised that the UAE is a key strategic partner for the Eurasian Economic Union thanks to its distinguished geographical location, advanced infrastructure, and attractive economic and investment policies.
Slepnev stated, "The UAE serves as an important trade gateway for Union countries to access Middle East and North African markets, especially given its active expansion in forging trade partnerships with many countries."
He affirmed that the UAE’s logistical positioning within the North-South international transport corridor reinforces its role as a regional hub for transit trade towards the Gulf countries, India, and South Asia.
Slepnev explained that the Comprehensive Economic Partnership Agreement focuses on high-priority sectors, most notably agriculture and industry, given the strategic importance of these two sectors to both sides.
