The UAE-Russian relationship in general have been developing from vigor to vigor in current years driven by the desire of the leadership in
both countries to enhance synergies and boost trade exchange, the UAE Minister of Economy has declared. The increasing relation between the two said countries was cemented by the visit of the Deputy Supreme Commander of the UAE Armed Forces, to Moscow last 2013.
Economic bonds are mostly a reflection of political bonds and imply the level of camaraderie and trust between any two countries. The totality volume of trade in 2012 stood at $1.5 billion. Non-oil trade between the two counties climbed by 7.5% in 2013 and registered $897 million. Additionally, 30 agencies and 124 trademarks and now there are eight Russian companies listed with the UAE Ministry of Economy.
According to the minister, Russian and Emirati entrepreneurs affiliated in more than 350 joint business enterprises in the UAE and more than 40 Russian corporations opened representative offices in the UAE. They expect all these numbers to continue entering prolonged development in the future.
On the main areas in which the two countries have recognized mutual chances or by now confirmed arrangements, the minister uttered that joint arrangements perform a major role in enhancing economic bonds. The UAE has issued Federal Decree No. 91 of 2013 approving the collaboration agreement with Russia in the field of diplomatic nuclear energy.
Meanwhile, the UAE issued Decree No. 67 that witnessed the signing of a contract on the fortification of investments and appropriate protocol also in 2013. Some other agreements, in the fields of aviation, double taxation and coordination among the chambers of commerce have also been inked between UAE and Russia.