UAE eyes trade boost with Russia in Moscow summit
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Russia’s President Vladimir Putin held their 14th summit in Moscow on August 7th, in a bod to deepen economic ties, according to The Arab Weekly plus agencies.
The summit focused largely on trade and investment. Sheikh Mohamed stated that trade between Russia and the UAE is currently valued at US$11.5 billion. Trade between the UAE and the Eurasian Economic Union (EAEU) which includes (Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia) stands at US$30 billion.
Sheikh Mohammed intends to see this value double in the next five years, despite the UAE’s strong political and economic ties to the West. Sheikh Mohamed emphasized the importance of strengthening bilateral trade and relations with the EAEU nations.
Reportedly, Putin noted that Russia has been investing more in the UAE than the UAE has invested in Russia. Reports from last year show that Russian investment was over US$30 billion in the UAE with US$16.8 billion invested in Russia. Over 4,000 Russian companies are currently operating in the UAE.
During the visit, Russia and the UAE both signed the Trade in Services and Investment Agreement (TISIA). This establishes a framework for investment and service collaboration between the nations.
Sheikh Mohamed reiterated the UAE’s support for advancing peace in the Middle East grounded in a two-state solution. Putin expressed gratitude for the UAE’s mediation in prisoner exchanges between Russia and Ukraine.
The summit commenced as Abu Dhabi seeks to advance trade with the West. In April the EU and UAE announced plans to begin talks to institute a free trade agreement. The agreement focused on the trade in goods and services particularly regarding renewable energy and raw materials.
Anna Borschevskaya, senior fellow at the Washington Institute said: “As before, the UAE wants to continue to maintain a diversified foreign policy overall between Russia, the United States and China, rather than choose only one.”
The Arab Weekly plus agencies, Maghrebi.org
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