Ukraine and the UAE are preparing for an agreement on a comprehensive economic partnership
5.12.2022 - 17:30
Ukraine has become the first European country with which the UAE intends to conclude a CEPA agreement.
Ukraine and the United Arab Emirates (UAE) announced their intention to conclude a comprehensive economic partnership agreement (CEPA). The joint statement was signed by the First Vice Prime Minister — Minister of Economy of Ukraine Yulia Svyridenko and Minister of Foreign Trade of the UAE Thani bin Ahmed Al Zeyoudi, the Ministry of Economy reports.
According to Al Zeyoudi, Ukraine has become the first European state with which the UAE intends to conclude a CEPA.
“CEPA with Ukraine opens up a number of new opportunities for our exporters, investors and manufacturers, and also provides access to new markets in Asia, Africa and the Middle East for agricultural and industrial products from Ukraine,” the minister emphasized.
Negotiations between Ukraine and the UAE regarding the conclusion of CEPA have already begun. The parties emphasize the prospects of cooperation in infrastructure projects, energy, the pharmaceutical industry, in the field of innovation, research, development and technology.
In 2021, the total volume of bilateral trade in goods and services between Ukraine and the UAE amounted to $1.147 billion. The volume of the UAE’s investment in the economy of Ukraine last year reached almost $243.3 million. The largest share of cooperation is trade in agricultural products (more than 50%), followed by metallurgy (about 30%).
