The United Arab Emirates and Ukraine have completed negotiations for a bilateral trade deal, according to a joint statement released on Monday, ahead of its formal signing.
The conclusion of negotiations was confirmed with the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade, Yulia Svyrydenko.
The Comprehensive Economic Partnership Agreement (CEPA) will remove or reduce tariffs on a range of good and products, remove trade barriers and ease market access to exporters from both sides, the statement said.
In addition, the CEPA will also "support Ukraine's recovery and the rebuilding of key industries and infrastructure, while also helping to strengthen supply chains to the (Middle East and North Africa) region for major exports such as grains, machinery and metals."
“Ukraine is a bridge to Europe for our exporters and an important ally in our food security imports. Once implemented, the CEPA will offer Ukraine’s industrialists and entrepreneurs a new platform from which they can expand into the growth markets of Asia and Africa through the UAE, while unlocking new investment pathways that can reconstitute sectors such as logistics, manufacturing and IT and rebuild essential infrastructure,” said Al Zeyoudi.
He added: “The agreement will play an active role in the revitalization of the Ukrainian economy, and we look forward toward the ratification of the deal and the new opportunities it will create for the business communities on both sides.”
Svyrydenko said that the conclusion of the CEPA negotiations marks a historic milestone in the bilateral relations of the two countries.
“I am confident that the Ukrainian and Emirati business communities will fully capitalize on the opportunities presented by the Ukraine-UAE CEPA, thereby unlocking the immense potential in our trade and economic cooperation,” she added.