UAE and Ukraine Sign Comprehensive Economic Partnership Agreement
The agreement, signed by leaders from both nations, aims to enhance trade and investment cooperation significantly.
On [insert date], Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), and Ukrainian President Volodymyr Zelensky signed a Comprehensive Economic Partnership Agreement (CEPA) designed to strengthen the economic ties and collaboration between their two nations.
The signing ceremony took place at the Al Shati Palace in Abu Dhabi, during which Sheikh Mohamed emphasized the importance of this agreement in elevating the strategic relations between the UAE and Ukraine.
He stated that the CEPA will serve as a transformative step in the economic and investment cooperation, aligning with the aspirations for mutual development between the countries.
President Zelensky also highlighted the significance of the agreement, asserting that it will broaden the avenues for economic cooperation beneficial to both nations and their citizens.
The CEPA stipulates that 99% of Ukraine's imports of goods from the UAE and 97% of Ukraine's exports to the UAE will receive immediate tariff exemptions.
Experts estimate that the agreement could contribute an additional USD 369 million to the UAE's GDP and USD 874 million to Ukraine's GDP by the year 2031. Moreover, it is expected to aid Ukraine's economic recovery while opening new cooperation opportunities in various sectors, including infrastructure, heavy industries, aviation, space, and information technology.
The trade relationship between the UAE and Ukraine was valued at approximately USD 372.4 million during 2024. The CEPA aims to expand the UAE's network of trade partners worldwide and enhance investment opportunities across diverse sectors.
The UAE's foreign trade agenda has led to the establishment of 24 comprehensive economic partnership agreements with strategically important countries globally, which is pivotal in achieving the goal of raising non-oil trade volumes to AED 4 trillion (USD 1.1 trillion) by 2031. These agreements encompass countries with a combined population of around 2.5 billion, or a quarter of the world's populace, which is intended to stimulate growth in vital sectors such as logistics, renewable energy, advanced technology, and sustainable food systems.
The signing ceremony took place at the Al Shati Palace in Abu Dhabi, during which Sheikh Mohamed emphasized the importance of this agreement in elevating the strategic relations between the UAE and Ukraine.
He stated that the CEPA will serve as a transformative step in the economic and investment cooperation, aligning with the aspirations for mutual development between the countries.
President Zelensky also highlighted the significance of the agreement, asserting that it will broaden the avenues for economic cooperation beneficial to both nations and their citizens.
The CEPA stipulates that 99% of Ukraine's imports of goods from the UAE and 97% of Ukraine's exports to the UAE will receive immediate tariff exemptions.
Experts estimate that the agreement could contribute an additional USD 369 million to the UAE's GDP and USD 874 million to Ukraine's GDP by the year 2031. Moreover, it is expected to aid Ukraine's economic recovery while opening new cooperation opportunities in various sectors, including infrastructure, heavy industries, aviation, space, and information technology.
The trade relationship between the UAE and Ukraine was valued at approximately USD 372.4 million during 2024. The CEPA aims to expand the UAE's network of trade partners worldwide and enhance investment opportunities across diverse sectors.
The UAE's foreign trade agenda has led to the establishment of 24 comprehensive economic partnership agreements with strategically important countries globally, which is pivotal in achieving the goal of raising non-oil trade volumes to AED 4 trillion (USD 1.1 trillion) by 2031. These agreements encompass countries with a combined population of around 2.5 billion, or a quarter of the world's populace, which is intended to stimulate growth in vital sectors such as logistics, renewable energy, advanced technology, and sustainable food systems.
