Abu Dhabi: Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, announced that the Comprehensive Economic Partnership Agreement (CEPA) with Ukraine is set to come into force this year, marking a pivotal development in the UAE’s strategy of forming developmental partnerships globally.
According to Emirates News Agency, Dr. Thani Al Zeyoudi emphasized that this agreement is aligned with the UAE leadership’s vision to strengthen international trade and investment cooperation. This approach is seen as essential for fostering peace, stimulating growth, and promoting global prosperity. The agreement is expected to be implemented by 2025, at which point it will eliminate customs duties on 99% of Ukrainian imports of Emirati goods and 97% of Ukraine’s exports to the UAE.
He noted that the agreement aims to double the trade volume between the UAE and Ukraine. Despite the ongoing conflict, non-oil bilateral trade between the two nations reached $372.4 million in 2024, compared to $904.4 million in 2021, reflecting a 28.4% growth from 2020.
Dr. Al Zeyoudi explained that this agreement is beneficial for both countries, as it expands the UAE’s trade partnerships and marks the third trade agreement the UAE has signed with a European nation. Ukraine, a top global producer and exporter of grains such as wheat and barley, is crucial for the UAE’s national food security objectives.
He emphasized that securing food supply chains is a core component of the UAE’s Comprehensive Economic Partnership Agreements. The agreement aims to support Ukraine’s economic recovery when peace is restored and to unlock new markets for Ukrainian products.
Additionally, Dr. Al Zeyoudi highlighted that the agreement will facilitate new investment partnerships between business communities in the UAE and Ukraine, targeting sectors like infrastructure, heavy industries, aviation, space sciences, and information technology.
He further explained that the UAE-Ukraine partnership seeks to enhance bilateral trade by lowering or eliminating customs duties, dismantling barriers to free trade, expanding service exports, setting a clear mechanism for trade dispute resolution, enabling digital trade, and providing a platform for SMEs to collaborate globally. It will also explore opportunities for suppliers in government tenders in both countries.
