Andrey Slepnev, the Eurasian Economic Commission's minister for trade, delivered an address at an EAEU–Mongolia roundtable during the 4th Eurasian Economic Forum in Minsk. He emphasized that the deep historical ties and close connections between the parties provide a solid foundation for building a future.
"In today's world, where divisions and conflicts are emerging, strengthening relations with our closest neighbors is truly invaluable", Slepnev said.
According to the EEC Minister, the recent negotiations between the EAEU and Mongolia on a temporary trade agreement were friendly and cooperative, with all challenges resolved successfully thanks to the political will of the leaders and the overall climate of trust and mutual understanding.
"In the past five years, our trade turnover has grown by a quarter", Slepnev said. "Meanwhile, a significant imbalance remains a key issue, with our exports to the Mongolian market far exceeding imports. Therefore, expanding the presence of Mongolian goods in the EAEU is just as much a priority for us as promoting our products in Mongolia."
Slepnev expressed confidence that Mongolia can make a valuable contribution to balancing trade, particularly in meat, apparel, and other sectors.
Despite the temporary nature of the agreement and its limited product coverage, it encompasses around 90% of EAEU exports to Mongolia in sectors such as metallurgy, motor vehicles, chemicals, tires, wood processing, and agricultural products.
"What do we need to think harder about? The agreement includes several regulatory aspects: customs, e-commerce, technical regulations, sanitary measures, and sectoral cooperation." He added that these areas still need to be fully developed. Mongolia is also an important player in continental trade. Ongoing energy and transport projects involving the EAEU, Mongolia, and China are seen as highly significant and promising.
Andrey Slepnev also took part in an EAEU–UAE business dialogue, where he highlighted that the United Arab Emirates' role as a gateway to the Middle East is not just a figure of speech, but a proven fact, underpinned by the country's massive investments in logistics, ports, infrastructure, trade ties, and economic zones.
"It is significant that we are signing an economic partnership agreement, which in a certain sense connects us to the wave of growth being demonstrated by the UAE and the region as a whole", Slepnev said. This includes expanding manufacturing cooperation and developing the North–South corridor, where the UAE serves as a key hub, alongside other countries with which it has signed or is in the process of negotiating free trade agreements.
Andrey Slepnev told the participants of the meeting that over the past decade, EAEU trade with the Emirates has increased more than fivefold, and the new agreement will liberalize over 90% of trade turnover.
"This agreement is not just about free trade—it's about economic partnership", he said. "From that perspective, it is unique and groundbreaking for us; we have never before reached this depth of understanding with external partners."
In closing, he called on businesses from both sides to actively realize the opportunities provided by the agreement in order to significantly boost trade turnover. Ongoing negotiations between EAEU member states and the UAE on services and investment are seen as potentially contributing to that goal.
As previously reported, on June 27, the EAEU is expected to sign a temporary trade agreement with Mongolia and an economic partnership agreement with the UAE on the sidelines of a Supreme Eurasian Economic Council meeting.
