In a landmark development, the United Arab Emirates (UAE) and Ukraine have finalised the terms of the Comprehensive Economic Partnership Agreement (CEPA), committing to strengthening the hands of trade and cooperation on both sides.
The CEPA, signed by UAE minister responsible for foreign trade Thani Ben Ahmed Alzeyudi and Prime Minister of Ukraine and Minister of Economic Development and Trade Yulia Sviridenko aim to improve trade between the two countries by reducing or eliminating taxes on social goods, trade barriers and ensuring fair trade for businesses. Exporters from both countries.
This agreement is expected to play a crucial role in supporting Ukraine’s economic recovery after its war with Russia, focusing on rebuilding key industries and infrastructure and strengthening supply chains to the Middle East and North Africa for major exports like grains, machinery, and metals.
CEPA with Ukraine which marks the UAE’s 15th agreement, has been instrumental in expanding its network of trading partners globally, with agreements already in place with various strategic markets across Africa, South America, Asia, and Europe.
“The conclusion of CEPA negotiations between Ukraine and the UAE marks a historic milestone in our bilateral relations,” stated Yulia Svyrydenko as quoted by Gulf News.
Svyrydenko further added, “I do not doubt that the business community in Ukraine and the United Arab Emirates will seize all of the chances provided by the CEPA, enabling us to realize the tremendous potential of our trade and economic collaboration.”
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