UAE, Russia ink trade in services and investment agreement

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The UAE and Russia signed a Trade in Services and Investment Agreement (TISIA) on the sidelines of the visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan to Moscow, aimed at deepening bilateral economic ties.

The agreement was signed by UAE Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi and Russian Minister of Economic Development Maxim Reshetnikov.

It will complement the UAE’s existing Economic Partnership Agreement (EPA) with the Eurasian Economic Union, which covers goods, by providing a bilateral framework with Russia focused on services and investment.

UAE-Russia non-oil trade on the rise

The UAE’s non-oil foreign trade with Russia reached Dhs42.23bn  in 2024, up 4.9 per cent from 2023. In H1 2025, non-oil trade rose to Dhs24.42bn, a 75.3 per cent year-on-year increase.

Al Zeyoudi said the agreement would strengthen the UAE’s foreign trade network and expand collaboration in sectors such as fintech, healthcare, transport, logistics and professional services. “The UAE continues to build partnerships around the world to achieve development and prosperity as well as provide more opportunities for the private sector and investors,” he said in a statement.

The deal comes as part of the UAE’s Comprehensive Economic Partnership Agreement (CEPA) programme, which aims to raise non-oil foreign trade to Dhs4.04tn by 2031.

In 2024, CEPAs helped drive record non-oil trade of Dhs2.99tn, a 14.6 per cent increase from 2023.