UAE and Ukraine start CEPA negotiations

Date:

UAE and Ukraine start CEPA negotiations


The UAE and Ukraine signed a joint statement announcing their intention to start negotiations on the Comprehensive Economic Partnership Agreement (CEPA).

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, signed the statement.

The signing confirmed the commitment of the two countries to strengthen bilateral economic relations and establish strong trade and investment flows between the UAE and Ukraine. In 2021, non-oil trade between the UAE and Ukraine will reach US$904.4 million, an increase of 28.4% over the same period in 2020 and an increase of 12.2% over 2019.

invest

UAE investment in Ukraine reached nearly $243.3 million in 2021, and Ukrainian investment into the UAE totaled $84 million in 2020.

The announcement of the CEPA negotiations follows trade and investment commitments of more than $3 billion made during Ukrainian President Volodymyr Zelensky’s visit to the UAE in February 2021. It is another important part of the UAE’s efforts to help revitalize Ukraine’s national economy, one of the Middle East’s most important sources of grains such as barley and wheat.

Dr Al Zeyoudi said the UAE’s first CEPA with a European country demonstrated the breadth of its new foreign trade agenda and underscored the long-term importance of Ukraine to the UAE as a trade and investment partner.

a host of new opportunities

“CEPA with Ukraine opens up numerous new opportunities for our exporters, investors and manufacturers, while also opening up access to new markets in Asia, Africa and the Middle East for Ukrainian agricultural and industrial output. We are committed to negotiating a A mutually beneficial agreement that will not only help drive Ukraine’s economic recovery, but also foster long-term growth and opportunities,” Al Zeyoudi said.

Svyrydenko added: “CEPA between Ukraine and the UAE will unleash the full potential of our cooperation in trade and investment, helping our business communities grow and take advantage of new opportunities. The UAE has earned a well-deserved reputation as a prominent international trade and logistics hub At the same time, Ukraine is known for its role as a guarantor of global food security and a growing IT powerhouse. This makes our economies complementary, and we look forward to working together in promoting trade, the digital economy, and promoting our investment cooperation effort.”

The UAE’s CEPA negotiations with Ukraine will start in the next few weeks and follow the conclusion of CEPA with India, Indonesia and Israel. CEPA negotiations with Turkey, Georgia and Cambodia are ongoing. — trade arab news agency



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