The EAEU and the UAE are considering the possibility of concluding a memorandum of cooperation
The issues of interaction between the Eurasian Economic Union and the United Arab Emirates were discussed by Sergey Glazyev, Minister for Integration and Macroeconomics of the Eurasian Economic Commission, and Mohammad Ahmad Aljaber, Ambassador Extraordinary and Plenipotentiary of the UAE to Russia. The meeting was held at the EEC headquarters.
The trade turnover of the EAEU states with the UAE in 2021 reached a record level and amounted to USD 5.4 billion. In November 2021, the ECE received a request from the United Arab Emirates indicating its interest in concluding a comprehensive free trade agreement. This appeal is currently being considered in the manner prescribed by Union law.
Taking into account the request from the UAE to expand and deepen trade and economic cooperation with the EAEU, a visit of an EEC delegation to this country is planned this year. Sergey Glazyev and Mohammad Ahmad Aljaber discussed the practical issues of the EEC’s participation in the 11th Annual Investment Forum, which will be held on March 29-31, 2022 in Dubai.
Representatives of the Commission proposed to consider the possibility of concluding a memorandum of understanding between the EEC and the Government of the UAE.
“The conclusion of the memorandum would make it possible to systematize cooperation by creating additional infrastructure for trade and economic interaction between the member states of the EAEU and the UAE. This document is universal and makes it possible to effectively develop a comprehensive dialogue on the economic agenda with the partner state.
The memorandum provides for the creation of a working group – a dialogue platform that allows to intensify contacts between expert and business circles in order to develop cooperation and promote the growth of trade,” Sergey Glazyev noted.
The EEC Minister paid special attention to the issues of intensifying cooperation between the EAEU and the UAE, including in the format of integration associations, of which the United Arab Emirates is a member.
“With great interest we are ready to study the integration experience of the League of Arab States, the Cooperation Council for the Arab States of the Gulf and other integration associations, of which the UAE is an authoritative member, as well as share our own experience in integration building,” Sergey Glazyev said.
He invited government and business circles of the UAE to take part in the Eurasian Economic Forum scheduled to be held on May 26, 2022 in Bishkek.
For his part, the UAE Ambassador confirmed the interest of his state in formalizing relations with the EAEU.
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The interaction of the EAEU with the UAE and regional integration associations, which include the UAE, is provided for by the key documents of the EAEU in the context of solving the problem of forming the Union as one of the most significant centers for the development of the modern world.
The trade turnover of the EAEU member states with the UAE in 2020 reached a record level over the past ten years, amounting to USD 3.9 billion.
In 2020, the UAE accounted for 0.6% of the foreign trade turnover of the EAEU.
In January-November 2021, the positive dynamics continued. Exports of the EAEU increased by 1.8 times and reached 5 billion US dollars, but imports decreased by 3.9% to 395.4 million US dollars. As a result, trade increased 1.7 times to $5.4 billion.
The press release has been prepared on the basis of material provided by the organization. AK&M news agency is not responsible for the content of the press release, legal or other consequences of its publication.
Source: akm.ru