UAE President Sheikh Mohamed bin Zayed Al Nahyan and his Ukrainian counterpart Volodymyr Zelensky attended today's signing of a Comprehensive Economic Partnership Agreement between the two countries, the UAE News Agency - UAM reported, quoted by BTA.
The agreement aims to open up new avenues for trade, investment and economic cooperation between the two countries.
Sheikh Mohamed bin Zayed Al Nahyan stressed the importance of the agreement in strengthening the strategic ties between the UAE and Ukraine, advancing bilateral trade and elevating economic cooperation in line with the aspirations of both countries.
Sheikh Mohamed bin Zayed Al Nahyan expressed confidence that the agreement will play a key role in deepening economic and investment ties. relations between the two countries, thus contributing to mutual growth and prosperity. He reaffirmed the UAE’s commitment to strengthening partnerships in the name of promoting sustainable development.
Volodymyr Zelenskyy, for his part, highlighted the role of the agreement in expanding economic cooperation between Ukraine and the UAE, which benefits both nations and their peoples.
The agreement was signed during an official ceremony in Abu Dhabi by the UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyudi, and the First Deputy Prime Minister and Minister of Economy of Ukraine, Yulia Sviridenko.
Under the terms of the agreement, 99% of Ukrainian imports of goods from the UAE and 97% of Ukrainian exports to the UAE will be immediately duty-free.
The agreement is expected to contribute $369 million to the UAE’s GDP and $874 million to Ukraine’s GDP by 2031. It will also accelerate Ukraine’s economic recovery and create new opportunities for cooperation in sectors such as infrastructure, heavy industry, aviation, aerospace and information technology.
Ukraine is of strategic importance to the UAE, with bilateral trade between the two countries reaching US$372.4 million in 2024.
The agreement is part of the UAE’s broader efforts to expand global trade partnerships and enhance investment opportunities across multiple sectors. International trade remains a cornerstone of the UAE’s economic strategy, with the aim of increasing non-oil trade to US$1.1 trillion by 2031.
Since the launch of its global trade agenda, the UAE has signed 24 Comprehensive Economic Partnership Agreements with key regional and global trading partners, covering markets home to approximately 2.5 billion people – a quarter of the world’s population. These agreements stimulate growth in critical sectors such as logistics, clean and renewable energy, high technology, and sustainable food systems.