UAE-Russia trade and investment agreement comes into effect
A trade and investment agreement between the UAE and Russia has officially come into force a year after it was signed, in a move aimed at boosting bilateral economic ties . It aims to increase collaboration across high-growth services sectors by establishing clear rules and protections for services trade and cross-border investment, the Ministry of Foreign Trade said. The trade in services and…
The UAE and Russia signed a trade and investment agreement last year, which officially came into effect this year. The agreement, known as Tisia, aims to boost bilateral economic ties by establishing rules and protections for services trade and cross-border investment. It will focus on sectors such as FinTech, healthcare, transport, logistics and professional services.
This comes alongside an economic partnership agreement with the Eurasian Economic Union, representing the activation of a comprehensive trade and investment framework. The UAE and Russia have a significant economic relationship, with non-oil trade reaching $20.4 billion in the previous year, a 77.7% increase from the previous year.
The UAE aims to increase non-oil trade to $1.1 trillion by 2031, with trade exceeding $1 trillion in 2025. The country has concluded 38 Comprehensive Economic Partnership Agreements since 2021, including with Ukraine last month, which is estimated to contribute $369 million to the UAE's GDP and $874 million to Ukraine's by 2031.
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