MINSK, 27 June (BelTA) - Belarus and the UAE have signed an intergovernmental agreement on trade in services and investment. The document was signed by Belarus’ Deputy Prime Minister Natalya Petkevich and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, BelTA has learned.
The main objectives of the agreement are to establish framework rules for trade in services, promote investment activities and expand trade between Belarus and the UAE. The agreement establishes guarantees for maintaining transparent and stable conditions for trade in services on a reciprocal basis, establishes clear conditions for conducting activities in various sectors (taking into account the requirements of current legislation). Additional mechanisms of interaction between countries are being created in the field of investment cooperation. The two states are establishing a subcommittee on investment.
The signing of an international agreement is expected to bring significant benefits and strengthen bilateral trade and economic ties between the countries.
Belarus has such agreements valid only in the EAEU and the CIS. Agreement on trade in services and investment has been signed with China (and is expected to enter into force soon).
Belarus became the first EAEU member state to sign an agreement on services and investment with the UAE. By the way, the agreement on economic partnership between the Eurasian Economic Union and the UAE is also planned to be signed in Minsk.
“It seems that heaven is helping to give our bilateral relations and agreements a green light. Belarus hosted a large-scale Eurasian Economic Forum with a special panel session with focus on relations with the UAE, and you took part in it as well. The Crown Prince's schedule also coincided with the forum and the handover ceremony of our agreements will take place at the highest level. Today we are signing two important documents – on bilateral cooperation and cooperation within the EAEU. I know your exceptional role in the preparation of the agreement between the EAEU and the UAE. Our colleagues have done a lot of work to prepare a bilateral agreement,” said Natalya Petkevich.
The signing of the bilateral document means that the UAE has joined the pool of countries to which Belarus provides the most favorable international regime, she said. “The UAE’s success in economic development is admirable. We are deeply happy and satisfied with the intensive development of relations with your country,” the deputy prime minister stressed.
Thani bin Ahmed Al Zeyoudi thanked the Belarusian side for their friendship and hospitality. “This is the second visit to Belarus in the last two months. This is evidence that the leadership of our country has a special interest in your country. In the coming months, we plan to organize another visit of an economic delegation to your country. Belarus is a friendly country, a strategic partner with which there are opportunities to develop cooperation in the economic, trade and investment sectors. We see that both bilateral trade and investment cooperation are developing. This is facilitated by direct air service. On the Emirati side, we are investing in Belarusian infrastructure, we are participating in economic forums in Belarus. Over the past week, we have held talks with Belarusian businessmen on investments in the industrial sector,” he said.
The minister of state added that the EAEU is a living strategic market for the UAE, with which the country intends to develop cooperation. “In addition, after the signing of the agreement with the UAE, opportunities will open up for the countries participating in the EAEU to develop cooperation with other markets in the region,” he said.
The Economy Ministry of Belarus also commented on the agreement with the UAE on trade in services and investment. “Negotiations on the agreement lasted just over two years in the fast-track format. The main preferences that the Belarusian and Emirati sides provide to each other are the predictability and transparency of the business environment. The parties undertake to allow business entities to enter the services markets in more than 100 sectors covering such areas as finance, construction, business services, transport, etc. The agreement takes into account trends in international treaty practice and is based on the provision of high-level guarantees. The UAE will become the first country with which Belarus simultaneously creates both a free trade zone in goods and a free trade zone in services. The agreement on services and investment will complement an agreement being concluded between the Eurasian Economic Union and the UAE: the corresponding agreement on economic partnership between the EAEU and the UAE is planned for signing today,” the press service said.
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