In a significant development for bilateral relations, President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Ukrainian President Volodymyr Zelenskyy today witnessed the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Ukraine.
The ceremony, held at Qasr Al Shati, marked a new chapter in the economic collaboration between the two nations.
The CEPA aims to bolster trade, investment, and economic cooperation, providing a platform for deeper strategic ties. His Highness Sheikh Mohamed emphasized the importance of the agreement in strengthening bilateral relations, advancing trade, and fostering sustainable development. He expressed confidence that the partnership would drive mutual growth and prosperity.
President Zelenskyy echoed these sentiments, highlighting the CEPA's potential to enhance economic cooperation, benefiting both nations and their people. The agreement will immediately exempt 99% of UAE goods imports and 97% of Ukrainian exports to the UAE from customs duties.
The CEPA is expected to contribute significantly to the economies of both nations, with projections indicating an increase of US$369 million to the UAE’s GDP and US$874 million to Ukraine’s by 2031. The deal is also expected to accelerate Ukraine’s economic recovery and open up new opportunities in sectors such as infrastructure, heavy industry, aviation, aerospace, and information technology.
With bilateral trade between the UAE and Ukraine reaching US$372.4 million in 2024, this agreement is part of the UAE’s broader strategy to enhance its global trade network. Since launching its global trade agenda, the UAE has signed 24 such agreements, aiming to boost non-oil trade to US$1.1 trillion by 2031.
News Source: Emirates News Agency
