UAE Expected To Conclude Eurasian Economic Union Free Trade Agreement At BRICS Summit

The United Arab Emirates (UAE) and the members of the Eurasian Economic Union (EAEU) may conclude negotiations on setting a free trade zone by the BRICS summit set for October 22-24 in Kazan, according to Andrei Slepnyov, the Eurasian Economic Commission Trade Minister.

He has stated that “With the UAE, we are at the finalization stage. There’s every chance that we’ll be able to do it quickly and that the agreements might well be finalized at the BRICS summit. I wouldn’t rule that out. But this concerns not only the commission but also our member states, but the timeframe is realistic.”

Other members of the EAEU include Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. UAE investors recently purchased the Belarus subsidiary of the Raiffeisen Bank.

Slepnyov also said that free trade talks between the EAEU and Indonesia are also at the final stage, saying that “As for Indonesia, we’re close to the finish here, the part of the way we have yet to cover is slightly longer here [than in the talks with the UAE], although basic clauses of both treaties have already been agreed upon. In particular, the parties are continuing to discuss details regarding certain commodity items and prospects for slashing duties on them to zero as part of mutual trade.”