On 26 April 2024, in Abu Dhabi (United Arab Emirates), First Vice Prime Minister of Ukraine, Minister of Economy of Ukraine Yulia Svyrydenko and Minister of State for Foreign Trade of the UAE Dr Thani bin Ahmed Al Zeyoudi signed a Joint Statement on the conclusion of negotiations on the Comprehensive Economic Partnership Agreement between the Government of Ukraine and the Government of the United Arab Emirates.
As a result of the negotiations, the Parties managed to reach agreements on significant liberalisation of access to both goods and services markets; lay 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 the entire Gulf region. In other words, this is not only an entry to the Emirates market, but an entry to the global market. Because the Emirates is a trade, economic and financial hub. The Emirates are at the top of the list in terms of trade logistics. Secondly, this is not a classic FTA agreement, it is comprehensive, i.e. it includes goods, services, investments, digital trade, etc. Therefore, the conclusion of negotiations on the Agreement is a historic event in our bilateral relations. I hope that the Ukrainian and Emirati business communities will take full advantage of the agreement, which will help unlock the enormous potential in our trade and economic cooperation. The agreement will help improve the terms of trade between Ukraine and the UAE, increase the volume of goods and services by reducing tariff barriers and stimulate investment cooperation between the two countries," explained Yulia Svyrydenko.
After the signing of this Statement, the Parties will start legal verification of the draft Agreement, as well as domestic procedures necessary for the signing of the Comprehensive Economic Partnership Agreement between the Government of Ukraine and the Government of the United Arab Emirates.
Analysis of the short-term impact shows that the agreement may contribute to maintaining the trade surplus in goods. In the medium and long term, it may result in a 0.10% shift in the trajectory of real gross domestic product (GDP) development.
Among the sectors, the highest growth rates are expected in the transport sector, as well as in metallurgy, food industry, in particular flour milling and oil production. Growth in exports of metals and vegetable oil is the expected outcome of the agreement.