Latest news with #UAE-Russia relations
Zawya
4 days ago
- Business
- Zawya
UAE to finalise ‘Eurasian Economic Union' trade, investment agreements by year-end: Al Zeyoudi
Al Zeyoudi noted that the second-of-its-kind agreement with Russia reflects the UAE's expanding economic footprint in the EAEU region and focuses on liberalising and supporting strategic sectors, including financial and fintech services, business consulting, hospitality, logistics, renewable energy, and infrastructure development. These agreements aim to enhance investment flows and support the economic diversification strategies of both the UAE and its partner nations. He noted that UAE–Russia relations are witnessing significant growth, with non-oil trade between the two countries reaching about US$11.5 billion in 2024, marking an increase of nearly 5% compared to the previous year. Data for the first half of the current year showed exceptional growth of up to 75% compared to the same period last year, driven by the overall expansion of economic relations. He noted that the agreement with Russia builds on last month's signing of the EAEU-wide CEPA, which provides for the liberalisation of 95% of total trade volume and 85% of tariff lines between the UAE and the Eurasian bloc. Dr. Al Zeyoudi highlighted the strategic importance of Eurasia as a priority trade expansion zone, noting its population of over 200 million people. He added that bilateral trade with the Eurasian bloc grew by 27% in 2024, reaching nearly US$30 billion, a testament to the UAE's forward-looking policy of economic openness and global integration.
Emirates 24/7
4 days ago
- Business
- Emirates 24/7
UAE, Russian Presidents discuss bilateral strategic partnership in Moscow
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan met with His Excellency Vladimir Putin, President of the Russian Federation, to discuss enhancing the strategic partnership between the two countries, in addition to regional and international issues of common interest. The two leaders met today at the Kremlin as part of His Highness' official visit to Russia. During the meeting, His Highness Sheikh Mohamed bin Zayed and His Excellency Putin reviewed progress in UAE-Russia cooperation, particularly in the fields of the economy, trade, investment, space, and energy, as well as other areas that serve the development-focused priorities of both countries and reflect their aim to bolster their strategic partnership. His Highness the President 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 affirmed the UAE's commitment to building effective partnerships with other countries and enhancing international cooperation to address shared global challenges and foster prosperity and development for all. 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, His Excellency Putin welcomed His Highness to Russia, expressing his appreciation for the UAE's ongoing mediation efforts on prisoner exchanges. His Excellency Putin stated that Russia attaches great importance to developing its relations with the UAE, noting that the two countries' cooperation continues to grow, especially in the economic and investment fields. His Excellency Putin hosted a luncheon for His Highness and the accompanying delegation. While arriving earlier at the Kremlin, His Highness the President was received by His Excellency Putin. The national anthems of both countries were played, and His Highness greeted senior officials lined up to welcome him, while His Excellency Putin greeted members of the delegation accompanying His Highness. On the sidelines of the visit, the two countries signed the Trade in Services and Investment Agreement (TISIA). 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. The UAE-Russia TISIA complements the Economic Partnership Agreement signed between the UAE and the Eurasian Economic Union (EAEU), which includes Armenia, Belarus, Kazakhstan, and Kyrgyzstan, in addition to Russia. 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. His Excellency Suhail MohamMed Al Mazrouei, UAE Minister of Energy and Infrastructure, and His Excellency Andrey Nikitin, Russian Minister of Transport, also signed a Memorandum of Understanding on cooperation in the field of land transport. The delegation accompanying His Highness the President attended the talks, including H.H. Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Special Affairs; Sheikh Mohammed bin Hamad bin Tahnoon Al Nahyan, Advisor to the UAE President; Ali bin Hammad Al Shamsi, Secretary-General of Supreme Council for National Security; Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology; Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade; Mohamed Hassan Al Suwaidi, Minister of Investment; Ahmed Ali Al Sayegh, Minister of State; Faisal Abdulaziz Al Bannai, Adviser to the President for Strategic Research and Advanced Technology Affairs; Dr. Ahmed Mubarak Al Mazrouei, Chairman of the President's Office for Strategic Affairs and Chairman of the Abu Dhabi Executive Office; and Dr. Mohammed Ahmed Al Jaber, UAE Ambassador to the Russian Federation, along with a number of senior officials. The talks were also attended by ministers and senior officials from the Russian side. His Highness the President departed Moscow at the conclusion of his official visit to Russia, with military aircraft escorting His Highness' plane through Russian airspace.
