United Arab Emirates (UAE) and Ukraine cemented the terms of their Comprehensive Economic Partnership Agreement (CEPA). This trade deal announcement came on Monday, April 29, through a dispatch from the state news agency WAM, marking a milestone in economic diplomacy between the two nations.
Following robust negotiations, a joint statement was issued by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, alongside Yulia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade. The accord promises to dismantle or diminish tariffs on pivotal product lines, eradicate trade barriers, and enhance market accessibility for exporters from both countries.
Dr. Al Zeyoudi articulated the strategic gains of the negotiations, emphasizing Ukraine’s role as a conduit to European markets for UAE exporters and a crucial partner in the UAE’s food security strategy. “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.” he stated.
“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,” Dr. Al Zeyoudi further added.
Echoing this sentiment, Yulia Svyrydenko highlighted the CEPA as a transformative development in Ukraine-UAE relations. “I am confident that the Ukrainian and Emirati business communities will fully capitalise on the opportunities presented by the Ukraine-UAE CEPA, unlocking the potential in our trade and economic cooperation,” she remarked.
The previous year witnessed $385.8 million in non-oil trade between the UAE and Ukraine, with joint foreign direct investment stocks valued at $360 million by the close of 2022, spanning sectors from logistics and infrastructure to travel, tourism, and advanced technology.
This agreement with Ukraine is part of a broader UAE strategy that includes recent trade agreements with Costa Rica and Colombia, as the nation continues to broaden its network of global trade partnerships. Notably, this CEPA is the 15th such agreement the UAE has established, impacting regions across Africa, South America, Asia, and Europe, encapsulating over a quarter of the global population.
Projections suggest that the UAE’s CEPA program will elevate the nation’s exports by 33 percent, contributing an estimated $41.7 billion (Dh153 billion) to the national GDP by 2031.
LATEST NEWS | UAE and Estonia Forge Ahead in Tech and Healthcare Trade Expansion
