Eurasian Economic Commission, UAE to further trade collaboration

The Eurasian Economic Union (EEU) includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.

The two ministers reviewed progress on the ongoing negotiations towards a comprehensive economic partnership agreement that are at an advanced stage.

Both discussed potential sectors for cooperation like logistics, manufacturing, agriculture and transport, and the increasing opportunity for a north-south trade corridor connecting the United Arab Emirates and Russia.

“With its industrial capabilities, strong food production sector and strategic location straddling two continents, the Eurasian Economic Union is a key focus of these efforts, and my discussions this week underline a shared vision of closer economic integration," Al Zeyoudi was quoted as saying by media reports from the Gulf.

Tangible results were achieved following the four rounds of negotiations on the Economic Partnership Agreement, Slepnev said.

EEU has been a key partner of the UAE since its formation a decade ago. In the first half this year, the value of non-oil trade between the UAE and EEU members reached $13.7 billion—a 29.6-per cent rise year on year.

Fibre2Fashion News Desk (DS)