The United Arab Emirates (UAE) and Russia have formalized a Trade in Services and Investment Agreement (TISIA) during the visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan to Moscow, aiming to enhance their economic relations.
The agreement was endorsed by UAE Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi and Russian Minister of Economic Development Maxim Reshetnikov.
This pact is intended to complement the existing Economic Partnership Agreement (EPA) between the UAE and the Eurasian Economic Union, which primarily addresses goods, by establishing a bilateral framework focusing on services and investments with Russia.
Growth in UAE-Russia Non-Oil Trade
In 2024, the UAE’s non-oil trade with Russia amounted to Dhs42.23 billion, marking a 4.9 percent increase from 2023. In the first half of 2025, non-oil trade surged to Dhs24.42 billion, reflecting a remarkable year-on-year growth of 75.3 percent.
Al Zeyoudi remarked that the agreement would fortify the UAE’s foreign trade network and foster cooperation in various sectors, including fintech, healthcare, transportation, logistics, and professional services. He emphasized that the UAE is committed to cultivating partnerships globally to drive development and prosperity while creating more opportunities for the private sector and investors.
This agreement is part of the UAE’s Comprehensive Economic Partnership Agreement (CEPA) initiative, which aims to elevate non-oil foreign trade to Dhs4.04 trillion by 2031.
In 2024, CEPA initiatives contributed to a record non-oil trade figure of Dhs2.99 trillion, a 14.6 percent increase from the previous year.