UAE, Ukraine seal comprehensive economic partnership to boost trade, investment

UAE President Sheikh Mohamed bin Zayed Al Nahyan and his Ukrainian counterpart Volodymyr Zelenskyy, have attended the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

The agreement, aimed at unlocking new avenues for trade, investment, and economic collaboration, was formalized during a ceremony at Qasr Al Shati, Caliber.Az reports citing foreign media.

Sheikh Mohamed bin Zayed Al Nahyan emphasized the importance of the CEPA in bolstering the strategic relations between the UAE and Ukraine. He highlighted the agreement’s potential to enhance bilateral trade and advance economic cooperation in line with the aspirations of both nations.

President Al Nahyan expressed confidence that the agreement would play a crucial role in deepening economic and investment relations, contributing to mutual growth and prosperity. He also reiterated the UAE’s commitment to strengthening partnerships that foster sustainable development.

President Zelenskyy acknowledged the role of the agreement in expanding economic cooperation between Ukraine and the UAE, noting that it would bring mutual benefits to both countries and their citizens.

The agreement was signed 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.

Under the terms of the CEPA, 99 per cent of Ukrainian imports of UAE goods and 97 per cent of Ukrainian exports to the UAE will be exempt from customs duties with immediate effect. The agreement is projected to contribute $369 million to the UAE’s GDP and $874 million to Ukraine’s GDP by 2031. Additionally, it is expected to accelerate Ukraine’s economic recovery while opening new avenues for cooperation in sectors such as infrastructure, heavy industry, aviation, aerospace, and information technology.

Ukraine holds strategic significance for the UAE, with bilateral trade between the two nations reaching $372.4 million in 2024.

The CEPA is part of the UAE’s broader efforts to expand its global trade partnerships and enhance investment opportunities across multiple sectors. International trade remains a cornerstone of the UAE’s economic strategy, with a goal of increasing non-oil trade to AED4 trillion ($1.1 trillion) by 2031.

Since launching its global trade agenda, the UAE has signed 24 Comprehensive Economic Partnership Agreements with key regional and global trade partners, covering markets home to approximately 2.5 billion people—one-quarter of the world’s population. These agreements are driving growth in critical sectors such as logistics, clean and renewable energy, advanced technology, and sustainable food systems.

By Vafa Guliyeva