Latest news with #EconomicPartnershipAgreement
Arabian Post
2 hours ago
- Business
- Arabian Post
UAE and Russia Strengthen Economic Partnership with New Agreement
UAE and Russia have elevated their economic collaboration with the signing of a new Trade in Services and Investment Agreement, a move set to bolster bilateral ties. This agreement was formalised during the visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan to Moscow, underscoring the growing importance of the economic relationship between the two nations. UAE Minister of Foreign Trade, Thani bin Ahmed Al Zeyoudi, and Russian Minister of Economic Development, Maxim Reshetnikov, were the key signatories of the deal. The TISIA focuses specifically on expanding cooperation in the services sector and boosting investment flows, areas not covered under the existing Economic Partnership Agreement between the UAE and the Eurasian Economic Union. This new framework will serve as a complementary extension of the EPA, which primarily deals with the trade of goods. As such, the TISIA represents a critical step in diversifying and deepening the scope of UAE-Russia economic relations, reflecting both nations' strategic interests. For Russia, the agreement represents a pathway to diversify its economic partnerships as it navigates complex geopolitical dynamics. The country has long sought to bolster trade ties with non-Western markets, and the UAE has become an increasingly pivotal partner in this regard. The TISIA will facilitate smoother trade transactions in services such as finance, telecommunications, and energy, while also encouraging new avenues for mutual investment in key industries. ADVERTISEMENT On the UAE's side, the agreement aligns with the country's broader vision of economic diversification. With its growing status as a regional hub for investment, the UAE aims to enhance its role as a gateway for Russian businesses into the Middle East and North Africa region. As both nations continue to explore new opportunities for collaboration, the TISIA is seen as a natural evolution of their partnership, offering a platform for further alignment in emerging sectors such as technology and infrastructure. The agreement's strategic importance extends beyond just economic factors. It comes at a time when global markets are shifting, with countries increasingly focusing on strengthening regional partnerships amid uncertainties in the global economy. The TISIA is expected to stimulate cross-border flows of capital, services, and expertise, thus supporting long-term economic growth for both nations. The UAE has been proactive in advancing its economic footprint across the globe, signing several such agreements aimed at enhancing its trade networks. Russia's engagement with the UAE marks a concerted effort to deepen its trade relationships in the Gulf and expand its reach in the broader MENA region. The agreement also highlights both countries' shared interest in enhancing their roles as key global trade players, positioning themselves as bridges between East and West. As the TISIA begins to take shape, both parties are optimistic about its potential to unlock new opportunities in the service sector, where the UAE's financial services and infrastructure capabilities can complement Russia's technological and industrial expertise. The signing of the agreement is expected to spark greater interest from businesses looking to capitalise on the expanding markets in both countries.
Mid East Info
17 hours ago
- Business
- Mid East Info
UAE, Russia sign Trade in Services & Investment Agreement during ceremony in Moscow - Middle East Business News and Information
The UAE's non-oil foreign trade with Russia reached $11.5 billion in 2024, growing by 4.9% compared to 2023. In H1 2025, non-oil trade with Russia increased to $6.65 billion, delivering a substantial 75.3% year-on-year increase. HE Dr Thani Al Zeyoudi: 'The UAE continues to build partnerships around the world to achieve development and prosperity as well as provide more opportunities for the private sector and investors.' Moscow, Russia – August, 2025: The United Arab Emirates and Russian Federation today signed a Trade in Services and Investment Agreement (TISIA), on the sidelines of the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, to Moscow, where he met Russian President Vladimir Putin and discussed ways to strengthen friendly relations between the two countries in a number of areas of mutual interest. This agreement is set to further enhance economic cooperation between the UAE and Russia, facilitating greater market access for services and encouraging increased foreign direct investment (FDI) flows. The TISIA was signed by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, and Maxim Reshetnikov, Russian Minister of Economic Development. The agreement will complement the UAE's existing Economic Partnership Agreement (EPA) with the Eurasian Economic Union (EAEU). While the EPA covers trade in goods at the regional level, the TISIA provides a dedicated bilateral framework with Russia focused specifically on services and investment. It aims to bolster collaboration across various high-growth services sectors, including fintech, healthcare, transport, logistics and professional services. His Excellency Al Zeyoudi said the services and investment agreement with Russia, coupled with the recently signed Economic Partnership Agreement with the countries of the Eurasian Economic Union, reflects a significant strengthening of our foreign trade network. This builds on the increasing value of UAE-Russia non-oil trade, which reached USD 11.5 billion in 2024, reflecting a 4.9% increase over 2023 and a 75.3% year-on-year rise in H1 2025. As the UAE continues to prioritize foreign trade and investment through its expanding Comprehensive Economic Partnership Agreement (CEPA) program, this TISIA represents the latest step in enhancing the nation's role as a global hub for trade. The agreement will not only create new opportunities for businesses and entrepreneurs but will also solidify the UAE and Russia's commitment to long-term economic collaboration. The CEPA program is a key pillar of the UAE's foreign trade agenda, which aims to increase non-oil foreign trade to US$1.1 trillion by 2031. In 2024, CEPAs contributed to the UAE's record non-oil trade of US$816 billion, marking a 14.6% year-on-year increase. The CEPA program is designed to drive economic growth by expanding opportunities for UAE businesses by enhancing access to high-growth markets around the world.
Dubai Eye
a day ago
- Business
- Dubai Eye
UAE President reviews strategic partnership before departing Moscow
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan reviewed progress in UAE-Russia cooperation with President Vladimir Putin at the Kremlin, before concluding his official visit to Moscow on Thursday. The leaders' meeting focused on economy, trade, investment, space, and energy, as well as other areas that serve the development-focused priorities of both countries and reflect their aim of bolstering their strategic partnership. The two countries signed a Trade in Services and Investment Agreement (TISIA), complementing the Economic Partnership Agreement signed between the UAE and the Eurasian Economic Union (EAEU), which includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. It provides a special bilateral cooperation framework focusing on services and investment, including in the areas of financial technology, healthcare, transportation, logistics, professional services, and others. The agreement was signed on behalf of the UAE by His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, and on behalf of the Russian side by His Excellency Maxim Reshetnikov, Minister of Economic Development. His Excellency Suhail Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, and Andrey Nikitin, Russian Minister of Transport, also signed a Memorandum of Understanding on cooperation in the field of land transport. Today I met with President Vladimir Putin in Moscow to discuss the strategic partnership between the UAE and Russia, as well as joint efforts to foster further growth and development for our nations and peoples. The UAE remains steadfast in its commitment to strengthening… — محمد بن زايد (@MohamedBinZayed) August 7, 2025 His Highness stated that UAE-Russia relations are based on mutual trust and respect, as well as deep-rooted and constructive engagement spanning more than 50 years. His Highness Sheikh Mohamed bin Zayed and His Excellency Putin also exchanged views on regional and international issues of mutual interest. In this regard, His Highness affirmed the UAE's steadfast commitment to strengthening peace and stability while advancing diplomatic solutions both regionally and globally. The two sides also discussed the importance of the Russia-Arab summit, scheduled to be held in October at the direction of His Excellency Putin, in strengthening Russia's relations with the Arab world. His Highness Sheikh Mohamed bin Zayed and His Excellency Putin reviewed developments in the Middle East, underscoring the need to intensify efforts towards achieving a just, comprehensive, and lasting peace based on the two-state solution with the aim of promoting stability and security for all. His Highness also expressed his appreciation to His Excellency Putin for facilitating the UAE's mediation concerning the exchange of over 4,000 prisoners between Russia and Ukraine, emphasising the UAE's continued willingness to further advance this humanitarian effort. For his part, Putin welcomed His Highness to Russia, expressing his appreciation for the UAE's ongoing mediation efforts on prisoner exchanges.
TAG 91.1
2 days ago
- Business
- TAG 91.1
UAE President reviews strategic partnership before departing Moscow
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan reviewed progress in UAE-Russia cooperation with President Vladimir Putin at the Kremlin, before concluding his official visit to Moscow on Thursday. The leaders' meeting focused on economy, trade, investment, space, and energy, as well as other areas that serve the development-focused priorities of both countries and reflect their aim of bolstering their strategic partnership. The two countries signed a Trade in Services and Investment Agreement (TISIA), complementing the Economic Partnership Agreement signed between the UAE and the Eurasian Economic Union (EAEU), which includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. It provides a special bilateral cooperation framework focusing on services and investment, including in the areas of financial technology, healthcare, transportation, logistics, professional services, and others. The agreement was signed on behalf of the UAE by His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, and on behalf of the Russian side by His Excellency Maxim Reshetnikov, Minister of Economic Development. His Excellency Suhail Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, and Andrey Nikitin, Russian Minister of Transport, also signed a Memorandum of Understanding on cooperation in the field of land transport. Today I met with President Vladimir Putin in Moscow to discuss the strategic partnership between the UAE and Russia, as well as joint efforts to foster further growth and development for our nations and peoples. The UAE remains steadfast in its commitment to strengthening… — محمد بن زايد (@MohamedBinZayed) August 7, 2025 His Highness stated that UAE-Russia relations are based on mutual trust and respect, as well as deep-rooted and constructive engagement spanning more than 50 years. His Highness Sheikh Mohamed bin Zayed and His Excellency Putin also exchanged views on regional and international issues of mutual interest. In this regard, His Highness affirmed the UAE's steadfast commitment to strengthening peace and stability while advancing diplomatic solutions both regionally and globally. The two sides also discussed the importance of the Russia-Arab summit, scheduled to be held in October at the direction of His Excellency Putin, in strengthening Russia's relations with the Arab world. His Highness Sheikh Mohamed bin Zayed and His Excellency Putin reviewed developments in the Middle East, underscoring the need to intensify efforts towards achieving a just, comprehensive, and lasting peace based on the two-state solution with the aim of promoting stability and security for all. His Highness also expressed his appreciation to His Excellency Putin for facilitating the UAE's mediation concerning the exchange of over 4,000 prisoners between Russia and Ukraine, emphasising the UAE's continued willingness to further advance this humanitarian effort. For his part, Putin welcomed His Highness to Russia, expressing his appreciation for the UAE's ongoing mediation efforts on prisoner exchanges.
New Straits Times
15-07-2025
- Business
- New Straits Times
Trade growth target of up to 5pct still achievable: Tengku Zafrul
KUALA LUMPUR: Malaysia's trade is on track to grow by up to five per cent this year despite a slowdown in global commerce in the second half of 2025, according to the Investment, Trade and Industry Ministry. Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the projection reflects first-half performance and several strategic measures currently being implemented to sustain trade momentum. "If we look at our growth target, the 4.0 to 5.0 per cent range is still achievable. However, in the second half of the year, which has already begun, we are seeing a moderation in global trade growth. "Malaysia's trade performance for the year is still within expectations. As we know, Bank Negara Malaysia has projected trade growth of around five per cent for 2025. "Meanwhile, the Finance Ministry has forecast a growth rate of around 3.9 per cent. Therefore, the government will continue to focus on ensuring these targets are met," the minister said. Tengku Zafrul said this at the release of the ministry's second quarter 2025 performance report card held here today. Among key developments supporting trade momentum is the signing of the Malaysia-European Free Trade Association (EFTA) Economic Partnership Agreement (MEEPA) on June 23, 2025. Alongside MEEPA, Malaysia and EFTA also signed a memorandum of understanding on Cooperation and Capacity Building and a joint statement on Sustainable Palm Oil.
