UAE and Ukraine Finalize CEPA to Boost Bilateral Trade
Abu Dhabi, The Gulf Observer: In a significant stride towards fostering economic collaboration, the United Arab Emirates (UAE) and Ukraine have reached a pivotal milestone by finalizing the terms of a Comprehensive Economic Partnership Agreement (CEPA) between the two nations. This landmark achievement underscores the UAE’s commitment to augmenting the value of non-oil foreign trade to AED4 trillion by 2031.
The conclusion of negotiations culminated in the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, and Yulia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade.
Upon implementation, the UAE-Ukraine CEPA will facilitate the removal or reduction of tariffs on crucial product lines, dismantle unnecessary trade barriers, and facilitate equitable market access for exporters from both nations. This bilateral agreement holds strategic significance in supporting Ukraine’s economic recovery and revitalizing key industries and infrastructure, while also fortifying supply chains to the Middle East and North Africa (MENA) region for major exports, including grains, machinery, and metals.
Dr. Al Zeyoudi remarked, “Ukraine serves as a pivotal gateway to Europe for our exporters and stands as a crucial ally in ensuring our food security imports. The CEPA, once enacted, will provide Ukraine’s industrialists and entrepreneurs with a new avenue to penetrate the burgeoning markets of Asia and Africa via the UAE, while unlocking fresh avenues for investment that can rejuvenate sectors such as logistics, manufacturing, and information technology, and reconstruct vital infrastructure.”
He continued, “This agreement will actively contribute to the rejuvenation of the Ukrainian economy, and we eagerly anticipate the ratification of the deal and the manifold opportunities it will engender for the business communities on both sides.”
In parallel, Yulia Svyrydenko expressed her confidence, stating, “The conclusion of CEPA negotiations between Ukraine and the UAE marks a historic juncture in our bilateral relations. I am confident that the Ukrainian and Emirati business communities will fully harness the opportunities presented by the Ukraine-UAE CEPA, thereby unlocking the vast potential in our trade and economic cooperation.”
In 2023, the non-oil trade between the UAE and Ukraine amounted to US$385.8 million, with joint foreign direct investment (FDI) stock reaching US$360 million by the end of 2022 across various sectors, including logistics, infrastructure, travel and tourism, and advanced technology.
The successful conclusion of negotiations with Ukraine signifies the UAE’s ongoing endeavors to expand its network of trading partners across global markets. It adds to the tally of 14 Comprehensive Economic Partnership Agreements, encompassing strategic markets across Africa, South America, Asia, and Europe, and covering more than a quarter of the world’s population.
