JEDDAH: The UAE and Ukraine have signed a Comprehensive Economic Partnership Agreement, removing customs duties on 99 percent of Emirati goods and 97 percent of Ukrainian exports to boost trade and investment.
The agreement aims to unlock new trade and investment opportunities, fostering deeper economic ties between the countries, reported the Emirates News Agency.
The signing ceremony was attended by UAE President Sheikh Mohamed bin Zayed Al-Nahyan and Ukrainian President Volodymyr Zelenskyy, marking a major step in enhancing bilateral economic cooperation.
This follows the UAE’s signing of CEPAs since 2021 with countries like India, Indonesia, Turkiye, Israel, Malaysia, Jordan, and Morocco to boost trade, attract investments, and protect exports and intellectual property.
The UAE president emphasized the strategic importance of the CEPA, highlighting its role in boosting bilateral trade and advancing both nations' economic ambitions. He expressed confidence that the agreement would strengthen economic relations and contribute to sustainable development.
Zelenskyy echoed these sentiments, emphasizing that the agreement would benefit both Ukraine and the UAE, expanding economic cooperation and providing new opportunities for growth.
The CEPA agreement was signed in a formal ceremony at Qasr Al-Shati by UAE Minister of State for Foreign Trade Thani bin Ahmed Al-Zeyoudi and Ukraine’s First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko.
The deal is projected to contribute $369 million to the UAE’s gross domestic product and $874 million to Ukraine’s by 2031. It is also expected to accelerate Ukraine’s economic recovery and create new opportunities in sectors such as infrastructure, heavy industry, and aviation, as well as aerospace, and information technology, according to WAM.
The deal was signed after the two countries expressed their intent to negotiate a CEPA in December 2022, following over $3 billion in trade and investment commitments made during Zelenskyy’s visit to the UAE in February 2021.
Bilateral trade between the UAE and Ukraine totaled $372.4 million in 2024, down from $385.8 million in 2023. Joint foreign direct investment reached $360 million by 2022, covering sectors like logistics, infrastructure, tourism, and advanced technology.
The CEPA aligns with the UAE’s broader strategy to expand its global trade partnerships and increase investment across various sectors. The country aims to grow its non-oil trade to 4 trillion dirhams ($1.1 trillion) by 2031, with international trade playing a central role in its economic vision.
