UAE, Ukraine conclude terms of trade pact

The UAE and Ukraine have concluded the terms of a Comprehensive Economic Partnership Agreement (CEPA).

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

Once implemented, the deal will remove or reduce tariffs on key product lines, eliminate trade barriers and promote fair market access to exporters from both sides.

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

"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," said Al Zeyoudi.

In 2023, 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.

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 CEPAs that have either already entered into force, been formally signed, or have been successfully negotiated.

The #UAE has taken a major step forward in our foreign trade agenda. Today, I joined HE @Svyrydenko_Y, First Deputy PM and Minister of Economic Development & Trade for #Ukraine, to conclude negotiations of a UAE-Ukraine CEPA and open a new chapter of mutual growth. 🇦🇪🇺🇦 pic.twitter.com/hDg8MG9x5M

— د. ثاني أحمد الزيودي (@ThaniAlZeyoudi) April 29, 2024