On December 5, 2022, Ukraine and the United Arab Emirates (UAE) announced their intention to conclude a Comprehensive Economic Partnership Agreement (CEPA). The joint statement in this regard was signed by the First Deputy Prime Minister - Minister of Economy of Ukraine, Yulia Svyridenko, and the State Minister of Foreign Trade of the UAE, Dr. Thani bin Ahmed Al Zeyoudi.
The intention to start negotiations on the conclusion of CEPA confirms the two countries' commitment to strengthening bilateral economic ties and developing powerful trade and investment flows between Ukraine and the UAE. The beginning of efforts in this direction was made in February of last year after the visit of the President of Ukraine, Volodymyr Zelensky to the UAE.
According to the results of 2021, the total volume of bilateral trade in goods and services between Ukraine and the Emirates amounted to $1.147 billion, the highest figure achieved by the countries in the entire history of bilateral trade and economic relations. And the volume of UAE investment in Ukraine's economy last year reached almost $243.3 million.
In terms of industry, the largest share of cooperation between Ukraine and the UAE is trading in agricultural products (more than 50%). Therefore, for the sake of food security in the Middle East, the Emirates are interested in our state's best possible economic reconstruction.
"The conclusion of the Comprehensive Economic Partnership Agreement between Ukraine and the UAE will reveal the full potential of our cooperation in the field of trade and investment, thereby helping our business communities to develop and take advantage of new opportunities. The UAE has earned a well-deserved reputation as an important international trade and logistics center. At the same time, Ukraine is known for its role as a global guarantor of food security and a fast-growing IT center. So CEPA will make our economies complementary, and we look forward to working together to advance trade, the digital economy, and promoting our investment cooperation," said Yuliya Svyridenko, who joined the event in Dubai virtually.
According to Tania bin Ahmed Al Zeyoudi, Ukraine has become the first European state with which the UAE intends to conclude a CEPA. So this underlines the importance of our state to the Emirates as a long-term trade and investment partner.
"The Comprehensive Economic Partnership Agreement with Ukraine opens up a number of new opportunities for our exporters, investors, and manufacturers, as well as provides access to new markets in Asia, Africa, and the Middle East for agricultural and industrial products from Ukraine. We strive to agree on a mutually beneficial Agreement, which can contribute to Ukraine's economic recovery and long-term development and future prospects," said Thani bin Ahmed Al Zeyudi.
In addition to trade in agricultural products, the largest share of economic cooperation between Ukraine and the UAE is metallurgy (about 30%). At the same time, cooperation in infrastructure projects, energy, the pharmaceutical industry, as well as in the field of innovation, research, development, and technology, is extremely promising.
Negotiations between Ukraine and the UAE on the conclusion of CEPA have already begun. On the Ukrainian side, the negotiating group is headed by Deputy Minister of Economy of Ukraine - Trade Representative of Ukraine Taras Kachka, who was present during the event in Dubai.
