UAE, Ukraine sign comprehensive economic partnership agreement
His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, and his Ukrainian counterpart Volodymyr Zelensky witnessed the signing of the "Comprehensive Economic Partnership Agreement" between the two countries, with the aim of enhancing joint cooperation and expanding the horizons of trade and investment exchange.
On this occasion, Sheikh Mohammed bin Zayed Al Nahyan stressed the importance of the agreement in strengthening the strategic relations between the two countries and pushing bilateral economic cooperation to new levels that meet their aspirations.
He said, "We look forward to the Comprehensive Economic Partnership Agreement representing a qualitative shift in the path of economic and investment cooperation for the benefit of the two countries' joint development." He pointed out that the UAE's approach is based on building bridges of cooperation to achieve development and prosperity for all.
For his part, Ukrainian President Volodymyr Zelensky stressed the importance of the agreement in expanding the horizons of Emirati-Ukrainian economic cooperation for the benefit of the two countries and their peoples.
The agreement was signed - during the ceremony held at Al Shati Palace - by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, and Yulia Sviridenko, First Deputy Prime Minister and Minister of Economy of Ukraine. Under the partnership agreement, 99 percent of Ukraine’s imports of UAE goods and 97 percent of Ukraine’s exports to the UAE will enjoy immediate duty-free access.
The agreement is expected to add $369 million to the UAE’s GDP and $874 million to Ukraine’s GDP by 2031. It also supports Ukraine’s accelerated economic recovery and provides new opportunities for cooperation in various fields such as infrastructure, heavy industries, aviation, space and information technology. Ukraine is of strategic importance to the UAE, with trade between the two countries estimated to reach $372.4 million in 2024.
The Comprehensive Economic Partnership Agreement aims to expand the country’s network of trading partners around the world and enhance investment opportunities and economic cooperation across various sectors. International trade is a key pillar of the UAE’s efforts to increase non-oil trade to AED 4 trillion (USD 1.1 trillion) by 2031.
Since launching its foreign trade agenda, the UAE has signed 24 comprehensive economic partnership agreements with countries of regional and global strategic importance on the international trade map, home to around 2.5 billion people, a quarter of the world’s population, contributing to growth in vital sectors such as logistics, clean and renewable energy, advanced technology, and sustainable food systems.
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