The UAE and Ukraine have solidified their economic partnership with the finalization of a Comprehensive Economic Partnership Agreement (CEPA), paving the way for increased bilateral trade and cooperation. The agreement, signed by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Yulia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade, aims to boost trade by removing tariffs and barriers to trade.
The CEPA holds significant importance for Ukraine, as it will support the country’s economic recovery and help rebuild key industries and infrastructure. It will also open up new opportunities for Ukrainian exporters, particularly in sectors such as grains, machinery, and metals, by strengthening supply chains to the Middle East and North Africa region.
Dr. Al Zeyoudi highlighted the strategic importance of Ukraine as a gateway to Europe for UAE exporters and emphasized the potential for Ukrainian businesses to expand into markets in Asia and Africa through the UAE. He also noted that the agreement will create new investment pathways in sectors like logistics, manufacturing, and IT, contributing to the revitalization of the Ukrainian economy.
Svyrydenko expressed confidence in the opportunities presented by the CEPA, emphasizing its historic significance in bilateral relations. She believes that the Ukrainian and Emirati business communities will benefit from the agreement, unlocking the immense potential for trade and economic cooperation between the two countries.
The UAE-Ukraine CEPA comes at a time when the non-oil trade between the two countries is on the rise, reaching $385.8 million in 2023. Joint foreign direct investment (FDI) stock stood at $360 million by the end of 2022, covering sectors such as logistics, infrastructure, travel, tourism, and advanced technology.
The conclusion of negotiations with Ukraine is part of the UAE’s broader strategy to expand its global trading partnerships. With CEPA agreements already in place with 14 strategic markets across Africa, South America, Asia, and Europe, the UAE is solidifying its position as a key player in international trade, covering a significant portion of the world’s population.
Overall, the UAE-Ukraine CEPA marks a significant milestone in the economic relations between the two countries, opening up new opportunities for trade and investment and strengthening their partnership in the years to come.