Skip to main content

UAE, Ukraine conclude talks on bilateral trade deal

1 min Mena Today

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.

UAE-Ukraine bilateral non-oil trade reached $385.8 million in 2023 © Mena Today 

UAE-Ukraine bilateral non-oil trade reached $385.8 million in 2023 © Mena Today 

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 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."

The Gulf state has tried to remain neutral in the Ukraine conflict despite Western pressure on Gulf oil producers to help isolate Russia, a fellow OPEC+ member. It started negotiations for a trade agreement with Ukraine at the end of 2022.

UAE-Ukraine bilateral non-oil trade reached $385.8 million in 2023, with joint investment worth about $360 million by the end of 2022 spanning sectors including logistics and infrastructure, travel and tourism, and advanced technology.

While the Ukrainian economy has deeply felt the impact of the war with Russia, the UAE is positioning itself to take a longer term view of potential future benefits.

"We want to be ready for the next era of Ukraine," Thani al Zeyoudi, UAE minister for foreign trade, told Reuters.

"It (the CEPA) is an important step for us to have another gateway to Europe through Ukraine," Zeyoudi said, adding the deal will provide potential market access not only for goods but also services and allow UAE companies to build up connectivity to the European Union if or when Ukraine joins the bloc.

Reporting by Rachna Uppal

Related

Qatar

Al Mansour holding commits $70 billion across four Southern African nations

Qatari investment company Al Mansour Holding has pledged an unprecedented $70 billion in investments across four Southern African countries during a 10-day tour, a move analysts say is deeply strategic as U.S. aid flows to the continent shrink under the second Trump administration.

Lebanon

UNIFIL to end its mission in December 2026

The United Nations Security Council unanimously adopted Resolution 2790 today (28 Aug). The resolution renews the mandate of the United Nations Interim Force in Lebanon (UNIFIL), for a final time until 31 December 2026, and “to start an orderly and safe drawdown and withdrawal from 31 December 2026 and within one year.”

Subscribe to our newsletter

Mena banner 4

To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.

  • Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.