UAE and Ukraine conclude talks on bilateral trade deals

 

The United Arab Emirates and Ukraine have successfully concluded negotiations for a bilateral trade agreement, paving the way for increased economic cooperation between the two nations. The Comprehensive Economic Partnership Agreement (CEPA) is set to revolutionize trade relations by eliminating or reducing tariffs on a wide range of goods and products, as well as removing trade barriers and facilitating market access for exporters from both sides. This landmark agreement is not only poised to bolster bilateral trade but also to support Ukraine's recovery efforts and the revitalization of key industries and infrastructure, while concurrently fortifying supply chains to the Middle East and North Africa region for major exports such as grains, machinery, and metals."

"In light of this significant development, it's important to note the broader implications of the CEPA, particularly amidst the challenging backdrop of global geopolitical tensions. Despite pressures from Western allies, the UAE has maintained a stance of neutrality in the Ukraine conflict, demonstrating its commitment to fostering mutually beneficial partnerships. With bilateral non-oil trade already reaching $385.8 million in 2023 and joint investments totaling approximately $360 million by the end of 2022, spanning sectors including logistics, infrastructure, travel, tourism, and advanced technology, the UAE and Ukraine are poised to capitalize on the opportunities presented by this strategic agreement. As UAE Minister for Foreign Trade, Thani al Zeyoudi, aptly puts it, the CEPA represents a crucial step towards establishing another gateway to Europe through Ukraine, offering potential market access not only for goods but also services, and paving the way for enhanced connectivity to the European Union, should Ukraine join the bloc in the future.