UAE and EAEU to Establish Free Trade Zone in the Orient
The United Arab Emirates and the Eurasian Economic Union are set to establish a free trade zone in the near future, with negotiations already underway. The decision to pursue this agreement was made by the Supreme Eurasian Economic Council in December 2022, and progress has been made through several rounds of discussions.
Once the agreement is finalized, it is expected to cover more than 90% of mutual trade and over 85% of products traded between the UAE and EAEU member states. The agreement will address aspects such as tariff liberalization, customs cooperation, industry collaboration, e-commerce, and intellectual property protection, as well as trade defense measures. The establishment of a free trade zone is anticipated to boost trade between the two regions and provide a framework for further cooperation.
The Eurasian Economic Union includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, with observer status granted to Iran, Cuba, Moldova, and Uzbekistan. The free trade agreement with the UAE has received approval from all EAEU member states, with internal processes currently underway. Additionally, a free trade agreement with Indonesia is also scheduled to be signed in 2025.
This initiative is expected to enhance economic ties and promote greater trade between the United Arab Emirates and the Eurasian Economic Union, setting the stage for increased cooperation in the future.
ORIENT
Photo: unex.ru
