MINSK, 28 June (BelTA) – Member of the Board (Minister) for Trade of the Eurasian Economic Commission Andrey Slepnev explained how the economic partnership agreement between the Eurasian Economic Union and the United Arab Emirates will benefit the EAEU countries, BelTA learned from the Eurasian Economic Commission.
The work on the economic partnership agreement between the EAEU and the UAE took two and a half years. The document is expected to significantly increase trade between the signatories. The United Arab Emirates is one of the key trading partners of the EAEU in the Gulf. The agreement signifies an important step forward in trade relations, potentially leading to substantial growth and a more dynamic trade environment.
“As part of the new trade deal, the UAE is offering preferential access to 86% of its product range for the Eurasian Economic Union, while the EAEU is reciprocating with 85% preferential access for UAE products,” noted Andrey Slepnev.
He specified that more than 98% of goods (estimated at over $12.1 billion) exported from the EAEU to the UAE will receive favorable treatment under the new agreement. The trade liberalization will result in the average tariff on EAEU goods decreasing from 5% to 0.6%. Thus, the annual savings on import customs duties are estimated at more than $260 million.
As far as the EAEU’s food products are concerned, preferential access will be granted for such key products as grain (wheat, barley, corn), meat (cattle, lamb, offal), poultry, eggs, dried vegetables (chickpeas, peas, lentils, beans), vegetable oil, dairy products (whole milk, milk powder, yoghurts, whey, butter, cheeses), confectionery, honey, mineral water, jams, chocolate.
In the industrial sector, preferences will cover products of the metallurgical industry (rolled alloy steel, hot-rolled and cold-rolled products, finished products made of ferrous metals, pipes, profiles and angles, iron wire, aluminum and copper wire, aluminum foil, etc.), petroleum products (including light oil products and other distillates), forestry industry products (boards, plywood, pallets, furniture, etc.), cellulose, printed products, drilling tools, a wide range of engineering tools, from turbines to some types of pumps.
Liberalization of trade will also extend to electrical equipment (electric generators, primary batteries, electric accumulators, etc.), railway containers, motor vehicles, including special-purpose equipment, cosmetics (hair products, perfumes, deodorants, etc.), chemical products (paints, oils, surfactants, fertilizers) and medicines.
The United Arab Emirates will be able to increase supplies of a wide range of consumer goods, including cosmetics, perfumes, watches, and certain types of clothing.
“The agreement is truly ambitious, not only in terms of tariff liberalization, but also in terms of the regulatory setting it creates,” said Andrey Slepnev.
According to him, the provisions of the document meet the most advanced international standards related to electronic commerce, economic cooperation and the involvement of small and medium-sized businesses in foreign economic activity.
“Our trade has more than tripled since 2020. Shortly after the agreement comes into force, our trade may exceed $20 billion due to the combined efforts and dedicated work of businesses, the Eurasian Economic Commission and national regulators,” the EEC minister said.
After signing, the economic partnership agreement will be submitted for ratification to the UAE and the EAEU members states, which is necessary for it to enter into force.
The work on the economic partnership agreement between the EAEU and the UAE took two and a half years. The document is expected to significantly increase trade between the signatories. The United Arab Emirates is one of the key trading partners of the EAEU in the Gulf. The agreement signifies an important step forward in trade relations, potentially leading to substantial growth and a more dynamic trade environment.
“As part of the new trade deal, the UAE is offering preferential access to 86% of its product range for the Eurasian Economic Union, while the EAEU is reciprocating with 85% preferential access for UAE products,” noted Andrey Slepnev.
He specified that more than 98% of goods (estimated at over $12.1 billion) exported from the EAEU to the UAE will receive favorable treatment under the new agreement. The trade liberalization will result in the average tariff on EAEU goods decreasing from 5% to 0.6%. Thus, the annual savings on import customs duties are estimated at more than $260 million.
As far as the EAEU’s food products are concerned, preferential access will be granted for such key products as grain (wheat, barley, corn), meat (cattle, lamb, offal), poultry, eggs, dried vegetables (chickpeas, peas, lentils, beans), vegetable oil, dairy products (whole milk, milk powder, yoghurts, whey, butter, cheeses), confectionery, honey, mineral water, jams, chocolate.
In the industrial sector, preferences will cover products of the metallurgical industry (rolled alloy steel, hot-rolled and cold-rolled products, finished products made of ferrous metals, pipes, profiles and angles, iron wire, aluminum and copper wire, aluminum foil, etc.), petroleum products (including light oil products and other distillates), forestry industry products (boards, plywood, pallets, furniture, etc.), cellulose, printed products, drilling tools, a wide range of engineering tools, from turbines to some types of pumps.
Liberalization of trade will also extend to electrical equipment (electric generators, primary batteries, electric accumulators, etc.), railway containers, motor vehicles, including special-purpose equipment, cosmetics (hair products, perfumes, deodorants, etc.), chemical products (paints, oils, surfactants, fertilizers) and medicines.
The United Arab Emirates will be able to increase supplies of a wide range of consumer goods, including cosmetics, perfumes, watches, and certain types of clothing.
“The agreement is truly ambitious, not only in terms of tariff liberalization, but also in terms of the regulatory setting it creates,” said Andrey Slepnev.
According to him, the provisions of the document meet the most advanced international standards related to electronic commerce, economic cooperation and the involvement of small and medium-sized businesses in foreign economic activity.
“Our trade has more than tripled since 2020. Shortly after the agreement comes into force, our trade may exceed $20 billion due to the combined efforts and dedicated work of businesses, the Eurasian Economic Commission and national regulators,” the EEC minister said.
After signing, the economic partnership agreement will be submitted for ratification to the UAE and the EAEU members states, which is necessary for it to enter into force.
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