UAE, Ukraine Sign Comprehensive Economic Partnership Agreement To Boost Trade, Investment

The UAE and Ukraine signed the Comprehensive Economic Partnership Agreement (CEPA) to create new opportunities for trade, investment, and economic cooperation.

Under this agreement, 99% of goods imported by Ukraine from the UAE and 97% of Ukrainian exports to the UAE will be exempt from customs duties starting immediately. The agreement is expected to boost the UAE's GDP by $369 million and Ukraine's GDP by $874 million by 2031.

It will also help Ukraine recover economically and create new opportunities in areas like infrastructure, heavy industry, aviation, aerospace, and technology. Ukraine is an important trade partner for the UAE, with bilateral trade reaching $372.4 million in 2024, WAM reported.

The CEPA is part of the UAE's efforts to expand its global trade ties and improve investment opportunities across various industries. The UAE aims to increase its non-oil trade to $1.1 trillion by 2031.

Since launching its global trade strategy, the UAE has signed 24 CEPA agreements with major global and regional partners, covering markets with about 2.5 billion people.

These agreements are promoting growth in key sectors like logistics, renewable energy, advanced technology, and sustainable food systems.

The agreement was signed during a formal ceremony at Qasr Al Shati by Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade and Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.

UAE President Sheikh Mohamed bin Zayed Al Nahyan and his Ukrainian counterpart, Volodymyr Zelenskyy, witnessed the signing ceremony.

The UAE president noted that this agreement will help strengthen the strategic relationship between the two nations, boost trade, and enhance economic collaboration to meet their mutual goals.

Zelenskyy and Al Nahyan discussed cooperation in areas such as economy, investment, renewable energy, and food security, focusing on both nations' development priorities. The UAE President emphasized the country's commitment to global partnerships for shared growth and prosperity.

He also reiterated the UAE's support for peaceful solutions to conflicts, stressing that stability is key to development, and pledged continued support for efforts to resolve the Ukraine conflict and address its humanitarian effects.

Al Nahyan thanked Zelenskyy for Ukraine's support in the UAE's mediation efforts for prisoner exchanges between Ukraine and Russia. Zelenskyy expressed his commitment to deepening cooperation with the UAE, noting the many opportunities across various sectors.

He also thanked the UAE president for his diplomatic efforts in facilitating prisoner exchanges and focusing on humanitarian aid. Following the talks, Al Nahyan hosted a luncheon in honor of Zelenskyy and his delegation.