Russia and the United Arab Emirates (UAE) have reached a major economic agreement designed to stimulate bilateral trade and investment by lowering export-related costs and easing market access, Kommersant has reported.

The agreement will simplify conditions for service providers and reduce expenses linked to transport and other cross-border activities, the outlet said on Sunday, citing the Russian Economic Development Ministry. Officials identified finance, transport, wholesale and retail trade, manufacturing, and mining as promising areas for cooperation.

The treaty opens 64 Emirati sectors to Russian businesses, ranging from research and…

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