On April 26, 2024, in Abu Dhabi, United Arab Emirates, First Vice Prime Minister of Ukraine and Minister of Economy of Ukraine Yulia Sviridenko and State Minister of Foreign Trade of the UAE Tani bin Ahmed Al Zeyudi signed a joint statement on the conclusion of negotiations on the Agreement on Comprehensive Economic Partnership between the Government of Ukraine and the Government of the United Arab Emirates.
Following the negotiations, the Parties reached agreements on significant liberalization of access to both goods and services markets, laying the foundations for deepening cooperation in trade, investment, economic, digital, and other areas.
“This is the first agreement in the most economically advanced region of the Middle East. It covers not only the United Arab Emirates but also the Gulf regions as a whole. This means access not only to the Emirates market but to the global market. Because the Emirates is a trading, economic, and financial hub. The Emirates ranks first in terms of trade logistics. Secondly, it is not a classical FTA agreement; it is comprehensive, including goods, services, investments, digital trade, and more. Therefore, the conclusion of negotiations on the Agreement is a historic event in our bilateral relations. I hope that the Ukrainian and Emirates business communities will utilize all the opportunities of the agreement, which will help unlock the enormous potential in our trade and economic cooperation. The agreement will contribute to improving trade conditions between Ukraine and the UAE, increasing the volume of goods and services by reducing tariff barriers and stimulating investment cooperation between the two countries,” explained Yulia Sviridenko.
After signing the aforementioned statement, the Parties will start legal verification of the agreement project, as well as internal procedures necessary for the signing of the Agreement on Comprehensive Economic Partnership between the Government of Ukraine and the Government of the United Arab Emirates.
Short-term impact analysis shows that the agreement may contribute to maintaining a positive balance of trade in goods. In the medium and long term, it may influence the trajectory of real GDP growth by 0.10%.
Among the sectors, the highest growth rates are expected in the transportation sector, as well as in metallurgy, food industry, particularly flour milling and oil production. Increased exports of metals and vegetable oil are expected outcomes of the agreement.
