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UAE, Ukraine conclude terms of Comprehensive Economic Partnership Agreement

UAE, Ukraine conclude terms of Comprehensive Economic Partnership Agreement
29 Apr 2024 12:47

ABU DHABI (WAM)

The UAE and Ukraine have finalised the terms of a Comprehensive Economic Partnership Agreement (CEPA) between the two nations, the latest milestone in the UAE’s efforts to elevate the value of non-oil foreign trade to Dh4 trillion by 2031.

The conclusion of negotiations was confirmed with the signing of a joint statement by the Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade, Yulia Svyrydenko.

Once implemented, the UAE-Ukraine CEPA will remove or reduce of tariffs on key product lines, remove unnecessary barriers to trade and promote fair market access to exporters from both sides.

Notably, it will support Ukraine’s recovery and the rebuilding of key industries and infrastructure, while also helping to strengthen supply chains to the MENA region for major exports such as grains, machinery and metals.

Al Zeyoudi stated, “Ukraine is a bridge to Europe for our exporters and an important ally in our food security imports. Once implemented, the CEPA will offer Ukraine’s industrialists and entrepreneurs a new platform from which they can expand into the growth markets of Asia and Africa through the UAE, while unlocking new investment pathways that can reconstitute sectors such as logistics, manufacturing and IT and rebuild essential infrastructure.”

“The agreement will play an active role in the revitalisation of the Ukrainian economy, and we look forward toward the ratification of the deal and the new opportunities it will create for the business communities on both sides,” he added.

Svyrydenko said, “The conclusion of CEPA negotiations between Ukraine and the UAE marks a historic milestone in our bilateral relations. I am confident that the Ukrainian and Emirati business communities will fully capitalize on the opportunities presented by the Ukraine-UAE CEPA, thereby unlocking the immense potential in our trade and economic cooperation.”

Last year , the UAE and Ukraine shared $385.8 million in non-oil trade, with joint FDI stock standing at $360 million by the end of 2022 across sectors such as logistics and infrastructure, travel and tourism and advanced technology.

The conclusion of the negotiations with Ukraine is the latest milestone in efforts to expand the UAE’s network of trading partners across global markets.

It adds to the 14 Comprehensive Economic Partnership Agreements that have either already entered into force, been formally signed, or have been successfully negotiated with strategic markets on the international trade map, including Africa, South America, Asia, and Europe, and covering more than a quarter of the world’s population.

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