Key sectors like fintech, healthcare, and renewable energy stand to benefit from the expanded cooperation
2025 marked a milestone for UAE-Armenia economic ties, with non-oil bilateral trade reaching an unprecedented $4.5 billion, as highlighted by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade.
Speaking to the Emirates News Agency (WAM), Al Zeyoudi, stated that the newly signed Services Trade & Investment Agreement between the UAE and Armenia represents a critical turning point in deepening economic ties. He pointed to Armenia’s rise as a key trade partner,noting that the agreement is designed to boost market access for UAE services and drive reciprocal investment. This alignment is intended to support the long-term strategic development goals of both countries by fostering a more integrated economic landscape.
Expanded opportunities for key sectors
The agreement establishes a comprehensive platform for businesses operating in financial services, consultancy, education, and healthcare. Beyond these service-oriented fields, the framework is expected to drive a significant increase in Foreign Direct Investment (FDI) and encourage high-impact public-private partnerships. Specific growth sectors highlighted in the deal include fintech and professional advisory services, along with major investment prospects in logistics, infrastructure, advanced manufacturing, and renewable energy.
In a significant shift reflecting deep mutual confidence, the UAE has now surpassed Russia to become the top foreign investor in Armenia. This change underscores the strength of the investment relationship and the robust nature of the ties currently being forged between the two nations.
The Minister clarified the relationship between this bilateral deal and the Economic Partnership Agreement (EPA) signed with the Eurasian Economic Union (EAEU). While the EPA is a broad, bloc-wide agreement focused on removing customs duties and non-tariff barriers for goods, the specific agreement with Armenia focuses on services and investment exports. He noted that while the EPA covers many standard Comprehensive Economic Partnership Agreement (CEPA) sectors, EAEU legal mandates require that services and investment be negotiated separately on a bilateral “state-to-state” basis.
Support for SMEs
Both agreements are designed to benefit a wide range of businesses, with a particular emphasis on small and medium-sized enterprises (SMEs). For example, the EPA features a specific chapter dedicated to reducing trade hurdles for SME exporters. Al Zeyoudi stressed that such trade partnerships are now a necessity for maintaining growth and opening new doors amidst global economic volatility. He concluded by noting that similar agreements have already been reached with Belarus, with negotiations ongoing for other partners in the region.
Source: economymiddleeast