UAE and Ukraine finalize discussions on bilateral trade agreement | Global News

ABU DHABI – The United Arab Emirates and Ukraine have finalized negotiations for a bilateral trade deal, paving the way for increased economic cooperation between the two nations. The Comprehensive Economic Partnership Agreement, set to be formally signed soon, will see the removal or reduction of tariffs on a wide range of goods and products, as well as the elimination of trade barriers to facilitate market access for exporters from both countries.

According to a joint statement released on Monday, the CEPA will not only benefit the economies of both nations but also support Ukraine’s recovery efforts and the rebuilding of key industries and infrastructure. The agreement is expected to strengthen supply chains to the region for major exports such as grains, machinery, and metals.

Despite Western pressure on Gulf oil producers to isolate Russia, a fellow OPEC member, the UAE has maintained a neutral stance in the Ukraine conflict. The negotiations for the trade agreement with Ukraine began at the end of 2022, with bilateral non-oil trade reaching $385.8 million in 2023 and joint investments totaling around $360 million by the end of 2022.

“We want to be ready for the next era of Ukraine,” said Thani al Zeyoudi, UAE minister for foreign trade, highlighting the strategic importance of the deal. Zeyoudi emphasized that the agreement will not only provide market access for goods and services but also enable UAE companies to establish connectivity to the European Union if or when Ukraine joins the bloc.

The UAE’s forward-thinking approach to the trade deal reflects its commitment to long-term partnerships and economic growth, positioning the country as a key player in the evolving global market landscape.