MINSK, 24 November (BelTA) – During a session of the House of Representatives of the National Assembly, Belarusian MPs ratified an agreement between the government of the Republic of Belarus and the government of the United Arab Emirates on trade in services and investment, BelTA has learned.
According to Deputy Economy Minister Alesya Abramenko who presented the bill, the agreement underscores the mutual commitment of Belarus and the UAE to the principles of free trade and the creation of a favorable business climate. This will bring long-term benefits for the economies and the welfare of the citizens of both countries.
Specifically, the agreement secures Belarus' access to the UAE market on terms more favorable than those granted to most countries worldwide. The UAE is also included in Belarus' “preferential pool” of strategic partners, which are granted non-discrimination guarantees in the Belarusian market.
Simultaneously, the agreement creates a favorable and transparent legal framework for trade in services, ensuring stable and predictable conditions for doing business. It will liberalize bilateral trade in services, making it easier for Belarusian and Emirati companies to access each other's markets. Regarding market access for services, according to preliminary estimates, the UAE has undertaken commitments in 114 sectors, and Belarus in 113 sectors.
“According to forecast estimates, as the agreements are implemented, the growth in services exports in the medium term will be about 65%, with a simultaneous increase in services imports by 21%,” the deputy economy minister said.
The agreement demonstrates Belarus’ consistent to expand the geography of its economic cooperation and strengthen trust in its relations with key global partners. The ratification of the agreement will intensify cooperation between Belarus and the UAE in the area of services and investment.
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