Expert: Trade between Russia and UAE grows at high rate

Mutual trade between Russia and the UAE is showing steady growth. This was stated by Aleksander Daniltsev, Chief Expert of the working group “Financial and Investment Cooperation” of the BRICS Expert Council, in an exclusive commentary for TV BRICS.

According to him, in 2023, Russian exports to the UAE totalled US$6.4 billion, while in 2022 this figure reached US$8.1 billion. Supplies from the UAE to the Russian Federation in 2023 were estimated at US$4.5 billion.

He noted that in 10 years, the UAE imports from Russia have grown 3.3 times, while Emirates' exports to Russia have grown more than 14 times.

The expert said that the basis of Russian supplies to the UAE is precious metals and stones – they account for 70 per cent of all supplies to the Emirates and 17 per cent of all Russian exports of these products. Fuel and oil products, as well as grain, account for a significant share: Russia provides more than 15 per cent of the UAE's imports. He separately mentioned aircraft: although it accounts for only 5 per cent of UAE purchases, the country accounts for a quarter of all Russian exports of aviation products.

Daniltsev added that machinery and equipment are mainly imported from the UAE - they account for 70 per cent of all shipments from the Emirates and almost 10 per cent of all Russian imports of this category of goods.

According to the expert, logistics, energy and investments will be the key areas for partnership development. The UAE is a major trade hub, which opens up additional opportunities for interaction in BRICS, especially with China, India, and Iran.

An important step, he emphasised, could be the creation of a free trade zone between the Eurasian Economic Union (EAEU, which includes Russia) and the UAE. This will strengthen the positions of the BRICS countries not only in mutual trade, but also in dealing with third markets – Turkey, Iraq, Pakistan, and others.

Aleksander Daniltsev stressed that the UAE economy is developing dynamically and its trade policy is becoming more diversified, which creates favourable conditions for further cooperation with Russia.