UAE becomes one of top ten global trade partners for Eurasian Economic Union

The United Arab Emirates is now among the top ten global trading partners of the Eurasian Economic Union (EAEU), according to Andrey Slepnev, Minister in Charge of Trade at the Eurasian Economic Commission.

Speaking to the Emirates News Agency (WAM), a partner of TV BRICS, Slepnev said the recently signed Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the EAEU is a “strategic milestone” that will deepen economic cooperation, diversify trade, and strengthen investment flows between the two sides.

“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 per cent,” he stated.

Trade between the EAEU and the UAE has surged, with Union exports to the Emirates quadrupling in the past two years, while Emirati exports to EAEU markets have increased by over 50 per cent. Slepnev highlighted this as clear evidence of “the strength of economic ties between the two sides.”

The CEPA aims to build on this momentum by eliminating customs barriers and broadening the range of traded goods. Under the agreement, customs duties will be reduced on over 85 per cent of goods. Slepnev confirmed that this will lower tariffs on Union products in the UAE from five per cent to 0.6 per cent, and on Emirati goods in EAEU markets from 5.9 per cent to 1.5 per cent.

Product categories covered include metals, petrochemicals, transport equipment, wood products and processed agricultural goods from the EAEU, while the UAE will gain broader access for polymers – especially polyethylene and polypropylene – as well as cosmetics and home appliances.

“The UAE serves as an important trade gateway for Union countries to access Middle East and North African markets,” Slepnev said, citing the country’s geographical position, infrastructure, and role in the North-South international transport corridor.

He added that the agreement focuses particularly on agriculture and industry – sectors deemed strategically significant to both the EAEU and the UAE – and provides a platform for Emirati businesses to reach a consumer base of over 180 million people across the Union.