Ukraine and UAE Finalize Comprehensive Economic Partnership Agreement

by Roman Cheplyk
Monday, April 29, 2024
Ukraine and UAE Finalize Comprehensive Economic Partnership Agreement

The Minister of Economy of Ukraine, Yulia Svyridenko, and the UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, have officially concluded negotiations on the Comprehensive Economic Partnership Agreement between their respective governments

The Joint Statement confirming the negotiation's completion was signed on April 26, 2024, in Abu Dhabi, UAE.

The agreement, heralded as a significant milestone, promises substantial liberalization of market access for goods and services and sets a framework for broader cooperation in economic sectors including trade, investment, and digital commerce.

Key Highlights of the Agreement:

  • Market Expansion: This agreement marks Ukraine's first major economic partnership in the economically vibrant Middle East region, notably the Gulf area, positioning the UAE as a gateway to global markets.
  • Comprehensive Coverage: Unlike traditional Free Trade Agreements, this partnership encompasses a wide range of sectors including goods, services, investments, and digital trade, offering a holistic integration.
  • Economic Impact: The agreement is expected to maintain a positive trade balance in goods, boost real GDP growth by 0.10% over time, and notably enhance sectors like transport, metallurgy, and the food industry.

Minister Svyridenko expressed optimism about the benefits of the agreement, emphasizing its potential to improve trade conditions, increase goods and service flows, and boost investment between Ukraine and the UAE.

The next steps include legal ratification and domestic procedures required for the formal signing of the Comprehensive Economic Partnership Agreement. This development is poised to unlock significant economic opportunities for both nations, building on Ukraine's growing role as a key supplier of agricultural products to the UAE market.

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