UAE, Ukraine to begin negotiations towards comprehensive economic partnership agreement UAE, Ukraine to begin negotiations towards comprehensive economic partnership agreement
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UAE, Ukraine to begin negotiations towards comprehensive economic partnership agreement

UAE, Ukraine to begin negotiations towards comprehensive economic partnership agreement

In 2021, non-oil trade between the UAE and Ukraine reached $904.4m, increasing 28.4 per cent over the previous year

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UAE, Ukraine announce intent to negotiate comprehensive economic partnership agreement

The UAE and Ukraine have announced their intent to initiate negotiations for a comprehensive economic partnership agreement (CEPA).

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Yulia Svyrydenko, first deputy Prime Minister of Ukraine and its Minister of Economy, signed a joint statement announcing their intention. The negotiations will commence in the coming weeks.

In 2021, non-oil trade between the UAE and Ukraine reached $904.4m, marking a 28.4 per cent increase over the previous year and a 12.2 per cent rise over 2019. UAE’s investment in Ukraine reached nearly $243.3m in 2021, while Ukrainian investment flows into the UAE totalled $84m in 2020, official news agency WAM reported.

“A CEPA with Ukraine offers a raft of new opportunities for our exporters, investors, and manufacturers while also opening up access to new markets in Asia, Africa, and the Middle East for Ukraine’s agricultural and industrial output. We are committed to negotiating a mutually beneficial deal that can not only help drive Ukraine’s economic recovery but also foster long-term growth and opportunity,” Dr Al Zeyoudi stated.

The latest announcement follows more than $3bn in trade and investment pledges made during Ukrainian President Volodymyr Zelensky’s visit to the UAE in February 2021.

“Concluding CEPA between Ukraine and the UAE will unlock the full potential of our cooperation in trade and investment, helping our business communities to grow and take advantage of the new opportunities,” added Yulia Svyrydenko.

The UAE signed three comprehensive economic partnership agreements this year, one each with India, Israel and Indonesia.

The agreement with India was signed in February this year, while the pact with Israel was inked in May.

Read: UAE and India sign Comprehensive Economic Partnership Agreement

Read: UAE, Israel sign comprehensive economic partnership agreement

The agreement with Indonesia, meanwhile, was signed in July.

Read: UAE, Indonesia sign comprehensive economic partnership agreement

The UAE’s agreements with India, Israel and Indonesia will help grow the national economy by 2.6 per cent by 2030, Dr Al Zeyoudi had said in July.

Read: UAE’s CEPA pacts to grow economy by 2.6% by 2030 – minister

Meanwhile, CEPA negotiations with Türkiye, Georgia, and Cambodia are ongoing.

Read: UAE, Georgia begin talks on comprehensive economic partnership agreement

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