UAE, Ukraine announce intent to negotiate comprehensive economic partnership agreement

UAE, Ukraine announce intent to negotiate comprehensive economic partnership agreement

The UAE and Ukraine have announced their intent to initiate negotiations for a comprehensive economic partnership agreement (CEPA). Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Yulia Svyrydenko, first deputy Prime Minister of Ukraine and its Minister of Economy, signed a joint statement announcing their intention. The negotiations will commence in the coming weeks. In 2021, non-oil trade between the UAE and Ukraine reached $904.4m, marking a 28.4 per cent increase over the same period in 2020 and a 12.2 per cent rise over 2019. UAE investment in Ukraine reached nearly $243.3m in 2021, with Ukrainian investment flows into the UAE totalling $84m in 2020, official news agency reported. The announcement of CEPA negotiations follows more than $3bn in trade and investment pledges made during Ukrainian President Volodymyr Zelensky’s visit to the UAE in February 2021. “A CEPA with Ukraine offers a raft of new opportunities for our exporters, investors, and manufacturers while also opening up access to new markets in Asia, Africa, and the Middle East for Ukraine’s agricultural and industrial output. We are committed to negotiating a mutually beneficial deal that can not only help drive Ukraine’s economic recovery but also foster long-term