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06 March 2023, 17:03

EAEU, UAE launch FTA negotiations

MOSCOW, 6 March (BelTA) – The Eurasian Economic Union (EAEU) and the United Arab Emirates (UAE) are beginning talks on a free trade agreement,the Telegram channel of the Eurasian Economic Commission cited Member of the Board (Minister) for Trade of the Eurasian Economic Commission (EEC) Andrey Slepnev as saying, BelTA has learned.

“We are starting the first round of negotiations in the United Arab Emirates. We have agreed to work in the fast track regime,” Andrei Slepnev said at the integration forum “Expanding the horizon: the strategy of Eurasian economic integration under new conditions and the role of business”.

The decision to launch the talks on the free trade agreement between the EAEU and the UAE was taken by the Supreme Eurasian Economic Council in December 2022.

According to the EEC, the trade between the EAEU member states and the UAE went up four times from 2015 to 2021. The EAEU export to the UAE soared 4.7 times, while the EAEU import from the UAE rose 47%. The trade turnover in January-October 2022 increased by 55% from the same months in 2021.

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