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. This initiative is designed to enhance the economic relationship between the two nations.
The agreement was executed by Thani bin Ahmed Al Zeyoudi, the UAE Minister of Foreign Trade, and Maxim Reshetnikov, the Russian Minister of Economic Development.
This new agreement complements the UAE’s current Economic Partnership Agreement (EPA) with the Eurasian Economic Union, which primarily focuses on goods, by adding a bilateral structure that concentrates on services and investments with Russia.
Growth in UAE-Russia non-oil trade
In 2024, the non-oil foreign trade between the UAE and Russia reached Dhs42.23 billion, a 4.9% increase compared to 2023. Furthermore, in the first half of 2025, non-oil trade surged to Dhs24.42 billion, marking a remarkable 75.3% year-over-year growth.
Al Zeyoudi noted that this agreement will bolster the UAE’s foreign trade framework and enhance cooperation in various sectors, including fintech, healthcare, transport, logistics, and professional services. “The UAE is committed to establishing partnerships globally to foster development and prosperity while providing additional opportunities for the private sector and investors,” he stated.
This agreement is an important step within the UAE’s Comprehensive Economic Partnership Agreement (CEPA) initiative, which aims to elevate non-oil foreign trade to Dhs4.04 trillion by the year 2031.
In 2024, the CEPA agreements played a significant role in achieving record non-oil trade of Dhs2.99 trillion, representing a 14.6% increase from the previous year.