UAE, Ukraine finalise terms of CEPA deal
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UAE, Ukraine finalise terms of CEPA deal

UAE, Ukraine finalise terms of CEPA deal

The trade deal aims to aid Ukraine’s recovery and rebuilding of key industries while helping to strengthen supply chains to the MENA region for exports such as grains, machinery and metals

Marisha Singh

The UAE and Ukraine finalised the terms of a Comprehensive Economic Partnership Agreement (CEPA) between the two countries on Monday, April 29, reported state news agency WAM.

The two parties issued a joint statement, signed off by Dr Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Yulia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade, following the conclusion of the negotiations.

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

UAE-Ukraine trade deal to push economic growth

The bilateral trade deal 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.

Highlighting the positive impact of the trade negotiations, Al Zeyoudi said, “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.”

He added, “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.”

Meanwhile, Yulia Svyrydenko said, “The conclusion of CEPA negotiations between Ukraine and the UAE marks a milestone in our bilateral 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.”

In 2023, the UAE and Ukraine conducted $385.8m in non-oil trade, with joint FDI stock standing at $360m 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 follows similar trade tie-ups with Costa Rica and Colombia as the UAE expands its network of trading partners across global markets.

The deal is the UAE’s 15th CEPA agreement 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, noted the WAM report.

The UAE’s CEPA programme is expected to bolster the country’s exports by 33 per cent with a Dh153bn($41.7bn) boost to the national GDP by 2031.

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