Belarus and UAE Sign Agreement on Trade in Services

Belarus and the UAE have signed an intergovernmental agreement on trade in services and investments. The document was signed by Deputy Prime Minister of Belarus Natalya Petkevich and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, BelTA reports.

The main objectives of the agreement are to establish framework rules for trade in services, to promote investment activities and expand trade between Belarus and the UAE. The agreement mutually establishes guarantees for maintaining transparent and stable conditions for trade in services, sets out clear conditions for doing business in various sectors (taking into account the requirements of current legislation). Additional mechanisms for interaction between the countries in the field of investment cooperation are created, and an Investment Subcommittee is established.

It is expected that the conclusion of the international agreement will bring significant benefits and strengthen bilateral trade and economic ties between the two states.

Similar agreements of Belarus are valid only in the EAEU and the CIS. An agreement on trade in services and investments with China has been signed (expected to come into force).

Belarus has become the first EAEU member state to sign an agreement on services and investments with the UAE.