EAEU, UAE may start free trade area negotiations by year-end

MOSCOW. June 2 (Interfax) - The beginning of negotiations on a free trade area between the Eurasian Economic Union (EAEU) and the United Arab Emirates (UAE) may be discussed at the next meeting of the EAEU Supreme Council due in December 2022.

According to the trade bloc of the Eurasian Economic Commission (EEC), a prospective free trade area between the EAEU and the UAE has been discussed at a meeting of EEC Minister in charge of Trade Andrei Slepnev and UAE Minister of State for Foreign Trade Thani Al Zeyoudi.

The EAEU views the UAE "as one of the most promising partners in cooperation," Slepnev said. The EEC Council ordered in April that a joint group be established to explore the feasibility of a free trade area with the UAE, he added.

"Both sides supported a faster elaboration of the group report. That would allow for the consideration of starting negotiations at the next EAEU summit," the statement said.

EAEU-UAE trade turnover went up 60.9% year-on-year to $6.3 billion in 2021, including about $418 million in imports (down 6.8%) and $5.9 billion in exports (up 69.4%).