News - Armenia Moves Forward with EAEU Trade Agreements with UAE and Mongolia

In a significant legislative development, Armenia's parliamentary committee has granted its approval for the ratification of economic partnership agreements between the Eurasian Economic Union (EAEU) and both the United Arab Emirates (UAE) and Mongolia. The agreements, signed in 2025, aim to simplify trade in goods, promote economic cooperation, and expand mutual trading opportunities. These agreements offer preferential access conditions to EAEU member states for approximately 86% of the total commodity nomenclature, enhancing EAEU exports to the UAE to an impressive 98% coverage. Armenian Deputy Minister of Economy, Narek Ovakyian, highlighted that the agreement with the UAE seeks to liberalize and streamline trade along with improving economic partnership and extending mutual trade. This agreement affords Armenian exporters preferential import regimes for 217 out of 270 items sent to the UAE, encompassing fresh produce, fruit juices, honey, jams, sweetened mineral waters, and live plants, among others. The market value for these products in the UAE is estimated at around $550 million. Furthermore, industrial goods such as aluminum sheets, alloys, and medical equipment will gain tariff-free entry. Addressing the temporary trade agreement with Mongolia, Ovakyian noted its focus on easing trade barriers and bolstering reciprocal trade activity. This agreement, too, manages a broad range of economic cooperation issues, including customs regulation and sanitary measures.