TASS reports that the UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, announced that the United Arab Emirates and the Eurasian Economic Union will sign an agreement on the creation of a free trade zone in two to three months.
“Another important event last year was preparing a free trade agreement between the UAE and the Eurasian Economic Union, of which Russia is a member. Work on this agreement lasted almost a year and a half. We look forward to signing the document in two to three months,” he said at the opening of the Made in Russia fair organized by the Russian Export Center in Abu Dhabi.
The Minister of State also noted that trade turnover between the UAE and Russia has increased from $3.5 billion to $10 billion over the past three years. Negotiations on a free trade zone between the UAE and the EAEU began in March 2023. During this time, the parties have held several rounds of consultations.
According to the Russian Ministry of Economic Development, the document will regulate tariff liberalization, customs and industrial cooperation, electronic commerce and intellectual property, and trade protection measures.
