UAE among top ten global trading partners for Eurasian Economic Union
He noted that the agreement will support trade diversification efforts and enhance mutual investment flows.
In statements to the Emirates News Agency (WAM), Slepnev said, '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, placing it among the top ten global trading partners for the Eurasian Union.' He pointed out that the Union's exports to the UAE have quadrupled over the past two years, while Emirati exports to Union markets have increased by more than 50 per cent. He underlined that this rapid growth reflects the strength of economic ties between the two sides.
He stated that the UAE, supported by this momentum, has become a key trade hub for all EAEU countries, surpassing major international partners such as Japan, Brazil, Egypt and Vietnam.
He added, 'The CEPA aims to reinforce this growth by removing customs restrictions and expanding the scope of exchanged goods. It was agreed to reduce customs duties on more than 85 per cent of goods, which will lower customs protection rates on Union products in the Emirati market from 5 per cent to 0.6 per cent, and on Emirati products in Union markets from 5.9 per cent to 1.5 per cent.' Slepnev clarified that the list of goods benefiting from the agreement includes, on the Union's side, metal products such as steel and aluminium, petrochemicals, consumer goods, means of transport and wooden products, in addition to processed agricultural goods including dairy products, confectionery and canned foods.
He continued, 'In contrast, the UAE will benefit from wider access to the Union market in strategic categories, most notably polymers, especially polyethylene and polypropylene, alongside other consumer products such as cosmetics and home appliances.' Slepnev noted that the agreement offers tangible opportunities for Emirati companies to expand their presence in Union markets, which comprise more than 180 million people, particularly in view of the ongoing transformations in global trade dynamics.
He emphasised that the UAE is a key strategic partner for the Eurasian Economic Union thanks to its distinguished geographical location, advanced infrastructure and attractive economic and investment policies.
Slepnev stated, 'The UAE serves as an important trade gateway for Union countries to access Middle East and North African markets, especially given its active expansion in forging trade partnerships with many countries.' He affirmed that the UAE's logistical positioning within the North-South international transport corridor reinforces its role as a regional hub for transit trade towards the Gulf countries, India, and South Asia.
Slepnev explained that the Comprehensive Economic Partnership Agreement focuses on high-priority sectors, most notably agriculture and industry, given the strategic importance of these two sectors to both sides.
Earlier in May Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, welcomed Maroš Šefčovič, EU Commissioner for Trade and Economic Security, to the UAE for ongoing talks regarding the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the EU.
The visit also included an investment roundtable with representatives from leading private sector companies aimed at exploring opportunities for increased collaboration and investment flows between the EU and UAE.
The UAE-EU CEPA is poised to be a significant milestone in strengthening economic ties and unlocking new avenues for trade and cooperation.
The agreement will pave the way for the removal of trade barriers, enhance market access for goods and services, and stimulate investment in key sectors. By consolidating access to the EU market, the second largest economic bloc in the world, the CEPA will reinforce the UAE's status as a global trade and logistics hub.
The EU is already one of the UAE's key trading partners, accounting for 8.3% of non-oil trade. In 2024, non-oil trade between the two reached US$67.6 billion, representing a growth of 3.6% over 2023.
Al Zeyoudi emphasised the importance of the CEPA with the EU, stating, 'Our negotiations toward a UAE-EU Comprehensive Economic Partnership Agreement is of great importance to both the UAE and the EU and represents an extraordinary opportunity for us both to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity.
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