Latest news with #AndreySlepnev
Arabian Business
08-07-2025
- Business
- Arabian Business
UAE deal with Eurasian Economic Union will slash tariffs as bilateral trade soars over 50%
The UAE and Eurasian Economic Union are looking to develop closer economic ties with a trade partnership and rising exports. Andrey Slepnev, Minister in charge of Trade at the Eurasian Economic Commission, said the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the Eurasian Economic Union (EAEU) represents a strategic milestone in deepening economic cooperation between the two sides. He noted that the agreement will support trade diversification efforts and enhance mutual investment flows. UAE and Eurasian Economic Union Slepnev said: 'The UAE is one of the most prominent trading partners for EAEU countries, with its share in the Union's total foreign trade rising to two per cent, placing it among the top ten global trading partners for the Eurasian Union.' He pointed out that the Union's exports to the UAE have quadrupled over the past two years, while Emirati exports to Union markets have increased by more than 50 per cent. He underlined that this rapid growth reflects the strength of economic ties between the two sides. Slepnev stated that the UAE, supported by this momentum, has become a key trade hub for all EAEU countries, surpassing major international partners such as Japan, Brazil, Egypt and Vietnam. He added: 'The CEPA aims to reinforce this growth by removing customs restrictions and expanding the scope of exchanged goods. 'It was agreed to reduce customs duties on more than 85 per cent of goods, which will lower customs protection rates on Union products in the Emirati market from 5 per cent to 0.6 per cent, and on Emirati products in Union markets from 5.9 per cent to 1.5 per cent.' Slepnev clarified that the list of goods benefiting from the agreement includes, on the Union's side: Steel and aluminium Petrochemicals Consumer goods Means of transport Wooden products Dairy products Confectionery Canned foods The UAE will benefit from wider access to the Union market in strategic categories, most notably polymers, especially polyethylene and polypropylene, alongside other consumer products such as cosmetics and home appliances. Slepnev noted that the agreement offers tangible opportunities for Emirati companies to expand their presence in Union markets, which comprise more than 180 million people, particularly in view of the ongoing transformations in global trade dynamics. EAEU member states, include: Russia Kazakhstan Belarus Armenia Kyrgyzstan He emphasised that the UAE is a key strategic partner for the Eurasian Economic Union thanks to its distinguished geographical location, advanced infrastructure and attractive economic and investment policies. Slepnev said: 'The UAE serves as an important trade gateway for Union countries to access Middle East and North African markets, especially given its active expansion in forging trade partnerships with many countries.' The UAE's participation in the North-South International Transport Corridor further strengthens its regional transit role, connecting Gulf markets with India and beyond.
Gulf Today
08-07-2025
- Business
- Gulf Today
UAE among top ten global trading partners for Eurasian Economic Union
Andrey Slepnev, Minister in charge of Trade at the Eurasian Economic Commission, affirmed that the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the Eurasian Economic Union (EAEU) represents a strategic milestone in deepening economic cooperation between the two sides. He noted that the agreement will support trade diversification efforts and enhance mutual investment flows. In statements to the Emirates News Agency (WAM), Slepnev said, 'The UAE is one of the most prominent trading partners for EAEU countries, with its share in the Union's total foreign trade rising to two per cent, placing it among the top ten global trading partners for the Eurasian Union.' He pointed out that the Union's exports to the UAE have quadrupled over the past two years, while Emirati exports to Union markets have increased by more than 50 per cent. He underlined that this rapid growth reflects the strength of economic ties between the two sides. He stated that the UAE, supported by this momentum, has become a key trade hub for all EAEU countries, surpassing major international partners such as Japan, Brazil, Egypt and Vietnam. He added, 'The CEPA aims to reinforce this growth by removing customs restrictions and expanding the scope of exchanged goods. It was agreed to reduce customs duties on more than 85 per cent of goods, which will lower customs protection rates on Union products in the Emirati market from 5 per cent to 0.6 per cent, and on Emirati products in Union markets from 5.9 per cent to 1.5 per cent.' Slepnev clarified that the list of goods benefiting from the agreement includes, on the Union's side, metal products such as steel and aluminium, petrochemicals, consumer goods, means of transport and wooden products, in addition to processed agricultural goods including dairy products, confectionery and canned foods. He continued, 'In contrast, the UAE will benefit from wider access to the Union market in strategic categories, most notably polymers, especially polyethylene and polypropylene, alongside other consumer products such as cosmetics and home appliances.' Slepnev noted that the agreement offers tangible opportunities for Emirati companies to expand their presence in Union markets, which comprise more than 180 million people, particularly in view of the ongoing transformations in global trade dynamics. He emphasised that the UAE is a key strategic partner for the Eurasian Economic Union thanks to its distinguished geographical location, advanced infrastructure and attractive economic and investment policies. Slepnev stated, 'The UAE serves as an important trade gateway for Union countries to access Middle East and North African markets, especially given its active expansion in forging trade partnerships with many countries.' He affirmed that the UAE's logistical positioning within the North-South international transport corridor reinforces its role as a regional hub for transit trade towards the Gulf countries, India, and South Asia. Slepnev explained that the Comprehensive Economic Partnership Agreement focuses on high-priority sectors, most notably agriculture and industry, given the strategic importance of these two sectors to both sides. Earlier in May Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, welcomed Maroš Šefčovič, EU Commissioner for Trade and Economic Security, to the UAE for ongoing talks regarding the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the EU. The visit also included an investment roundtable with representatives from leading private sector companies aimed at exploring opportunities for increased collaboration and investment flows between the EU and UAE. The UAE-EU CEPA is poised to be a significant milestone in strengthening economic ties and unlocking new avenues for trade and cooperation. The agreement will pave the way for the removal of trade barriers, enhance market access for goods and services, and stimulate investment in key sectors. By consolidating access to the EU market, the second largest economic bloc in the world, the CEPA will reinforce the UAE's status as a global trade and logistics hub. The EU is already one of the UAE's key trading partners, accounting for 8.3% of non-oil trade. In 2024, non-oil trade between the two reached US$67.6 billion, representing a growth of 3.6% over 2023. Al Zeyoudi emphasised the importance of the CEPA with the EU, stating, 'Our negotiations toward a UAE-EU Comprehensive Economic Partnership Agreement is of great importance to both the UAE and the EU and represents an extraordinary opportunity for us both to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity. WAM
Hi Dubai
08-07-2025
- Business
- Hi Dubai
UAE Signs CEPA with Eurasian Economic Union to Strengthen Trade and Investment Ties
The UAE and the Eurasian Economic Union (EAEU) have signed a Comprehensive Economic Partnership Agreement (CEPA), marking a major step in deepening trade and investment ties between the two blocs. Andrey Slepnev, Minister in charge of Trade at the Eurasian Economic Commission, described the deal as a strategic milestone that will enhance trade diversification and expand mutual investment flows. The agreement significantly reduces customs duties on over 85% of goods exchanged, aiming to boost economic cooperation across key sectors. Trade between the UAE and EAEU countries has grown rapidly in recent years. The Union's exports to the UAE have quadrupled in two years, while Emirati exports to EAEU markets have risen by over 50%. The UAE now ranks among the Union's top ten global trading partners, accounting for two percent of its total foreign trade. Under the agreement, customs duties on EAEU products in the UAE will drop from 5% to 0.6%, while duties on UAE exports to the Union will fall from 5.9% to 1.5%. Key goods covered include metals, petrochemicals, transport equipment, and agricultural products from the EAEU, and polymers, cosmetics, and appliances from the UAE. Slepnev highlighted the UAE's growing role as a trade hub for EAEU countries, surpassing traditional partners such as Japan and Brazil. With access to a market of over 180 million people, Emirati businesses stand to gain from broader market access and shifting global trade dynamics. He added that the UAE's position along the North-South transport corridor strengthens its role as a regional transit hub, linking the EAEU to the Gulf, India, and South Asia. News Source: Emirates News Agency
Emirates 24/7
08-07-2025
- Business
- Emirates 24/7
UAE among top ten global trading partners for Eurasian Economic Union
Andrey Slepnev, Minister in charge of Trade at the Eurasian Economic Commission, affirmed that the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the Eurasian Economic Union (EAEU) represents a strategic milestone in deepening economic cooperation between the two sides. He noted that the agreement will support trade diversification efforts and enhance mutual investment flows. In statements to the Emirates News Agency (WAM), Slepnev said, 'The UAE is one of the most prominent trading partners for EAEU countries, with its share in the Union's total foreign trade rising to two percent, placing it among the top ten global trading partners for the Eurasian Union.' He pointed out that the Union's exports to the UAE have quadrupled over the past two years, while Emirati exports to Union markets have increased by more than 50 percent. He underlined that this rapid growth reflects the strength of economic ties between the two sides. He stated that the UAE, supported by this momentum, has become a key trade hub for all EAEU countries, surpassing major international partners such as Japan, Brazil, Egypt and Vietnam. He added, 'The CEPA aims to reinforce this growth by removing customs restrictions and expanding the scope of exchanged goods. It was agreed to reduce customs duties on more than 85 percent of goods, which will lower customs protection rates on Union products in the Emirati market from 5 percent to 0.6 percent, and on Emirati products in Union markets from 5.9 percent to 1.5 percent.' Slepnev clarified that the list of goods benefiting from the agreement includes, on the Union's side, metal products such as steel and aluminium, petrochemicals, consumer goods, means of transport and wooden products, in addition to processed agricultural goods including dairy products, confectionery and canned foods. He continued, 'In contrast, the UAE will benefit from wider access to the Union market in strategic categories, most notably polymers, especially polyethylene and polypropylene, alongside other consumer products such as cosmetics and home appliances.' Slepnev noted that the agreement offers tangible opportunities for Emirati companies to expand their presence in Union markets, which comprise more than 180 million people, particularly in view of the ongoing transformations in global trade dynamics. He emphasised that the UAE is a key strategic partner for the Eurasian Economic Union thanks to its distinguished geographical location, advanced infrastructure and attractive economic and investment policies. Slepnev stated, "The UAE serves as an important trade gateway for Union countries to access Middle East and North African markets, especially given its active expansion in forging trade partnerships with many countries." He affirmed that the UAE's logistical positioning within the North-South international transport corridor reinforces its role as a regional hub for transit trade towards the Gulf countries, India, and South Asia. Slepnev explained that the Comprehensive Economic Partnership Agreement focuses on high-priority sectors, most notably agriculture and industry, given the strategic importance of these two sectors to both sides. Follow Emirates 24|7 on Google News.
Zawya
08-07-2025
- Business
- Zawya
UAE among top ten global trading partners for Eurasian Economic Union
Andrey Slepnev, Minister in charge of Trade at the Eurasian Economic Commission, affirmed that the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the Eurasian Economic Union (EAEU) represents a strategic milestone in deepening economic cooperation between the two sides. He noted that the agreement will support trade diversification efforts and enhance mutual investment flows. In statements to the Emirates News Agency (WAM), Slepnev said, 'The UAE is one of the most prominent trading partners for EAEU countries, with its share in the Union's total foreign trade rising to two percent, placing it among the top ten global trading partners for the Eurasian Union.' He pointed out that the Union's exports to the UAE have quadrupled over the past two years, while Emirati exports to Union markets have increased by more than 50 percent. He underlined that this rapid growth reflects the strength of economic ties between the two sides. He stated that the UAE, supported by this momentum, has become a key trade hub for all EAEU countries, surpassing major international partners such as Japan, Brazil, Egypt and Vietnam. He added, 'The CEPA aims to reinforce this growth by removing customs restrictions and expanding the scope of exchanged goods. It was agreed to reduce customs duties on more than 85 percent of goods, which will lower customs protection rates on Union products in the Emirati market from 5 percent to 0.6 percent, and on Emirati products in Union markets from 5.9 percent to 1.5 percent.' Slepnev clarified that the list of goods benefiting from the agreement includes, on the Union's side, metal products such as steel and aluminium, petrochemicals, consumer goods, means of transport and wooden products, in addition to processed agricultural goods including dairy products, confectionery and canned foods. He continued, 'In contrast, the UAE will benefit from wider access to the Union market in strategic categories, most notably polymers, especially polyethylene and polypropylene, alongside other consumer products such as cosmetics and home appliances.' Slepnev noted that the agreement offers tangible opportunities for Emirati companies to expand their presence in Union markets, which comprise more than 180 million people, particularly in view of the ongoing transformations in global trade dynamics. He emphasised that the UAE is a key strategic partner for the Eurasian Economic Union thanks to its distinguished geographical location, advanced infrastructure and attractive economic and investment policies. Slepnev stated, "The UAE serves as an important trade gateway for Union countries to access Middle East and North African markets, especially given its active expansion in forging trade partnerships with many countries." He affirmed that the UAE's logistical positioning within the North-South international transport corridor reinforces its role as a regional hub for transit trade towards the Gulf countries, India, and South Asia. Slepnev explained that the Comprehensive Economic Partnership Agreement focuses on high-priority sectors, most notably agriculture and industry, given the strategic importance of these two sectors to both sides.
