Ukraine and UAE work on comprehensive economic partnership agreement

On December 5, Ukraine and the United Arab Emirates (UAE) announced their intention to conclude a Comprehensive Economic Partnership Agreement (CEPA). Negotiations between Ukraine and the UAE on the conclusion of CEPA have already begun.

The press service of the Ministry of Economy of Ukraine reported this.

The joint application in this regard was signed by the First Deputy Prime Minister – Minister of Economy of Ukraine, Yulia Svyrydenko, and the Minister of State for Foreign Trade of the UAE, Dr. Thani bin Ahmed Al Zeyoudi.

"The intention to start negotiations on the conclusion of CEPA confirms the commitment of the two countries to strengthening bilateral economic ties and developing powerful trade and investment flows between Ukraine and the UAE.

Efforts in this direction were initiated in February of last year after the visit of the President of Ukraine, Volodymyr Zelensky, to the UAE," the ministry explained.

It is noted that according to the results of 2021, the total volume of bilateral trade in goods and services between Ukraine and the UAE amounted to $1.147 billion, which is the highest figure achieved by the countries in the entire history of bilateral trade and economic relations.

At the same time, the volume of UAE investment in Ukraine's economy last year reached almost $243.3 million.

In terms of industry, the largest share of cooperation between Ukraine and the UAE is the trade in agricultural products (more than 50%), the Ministry of Economy adds.

"So for the sake of food security in the Middle East, the Emirates are interested in the best possible economic reconstruction of our state," the ministry said.

"The conclusion of the Comprehensive Economic Partnership Agreement between Ukraine and the UAE will reveal the full potential of our cooperation in the field of trade and investment, thereby helping our business communities to develop and take advantage of new opportunities. The UAE has earned a well-deserved reputation as an important international trade and logistics center.

At the same time, Ukraine is known for its role as a global guarantor of food security and a fast-growing IT center. So CEPA will make our economies complementary, and we look forward to working together to promote trade, the digital economy, and facilitate our investment cooperation," said Yulia Svyrydenko.

According to Thani bin Ahmed Al Zeyoudi, Ukraine has become the first European state with which the UAE intends to conclude a CEPA.

"The Comprehensive Economic Partnership Agreement with Ukraine opens up a number of new opportunities for our exporters, investors, and manufacturers, as well as provides access to new markets in Asia, Africa, and the Middle East for agricultural and industrial products from Ukraine.

We strive to agree on a mutually beneficial Agreement that can contribute to not only the economic recovery of Ukraine but also long-term development and future prospects," he added.

In addition to trade in agricultural products, the largest share of economic cooperation between Ukraine and the UAE is metallurgy (about 30%), the Ministry of Economy adds.

"At the same time, cooperation in infrastructure projects, energy, the pharmaceutical industry, as well as in the field of innovation, research, development, and technology is extremely promising," the message says.

Negotiations between Ukraine and the UAE on the conclusion of CEPA have already begun.

On the Ukrainian side, the negotiating group is headed by Deputy Minister of Economy of Ukraine – Trade Representative of Ukraine Taras Kachka.