The Comprehensive Economic Partnership Agreement between Ukraine and the United Arab Emirates provides for the liberalization of access to commodity markets for both countries.
The relevant statement was made by Ukrainian Deputy Prime Minister, Economy Minister Yuliia Svyrydenko, an Ukrinform correspondent reports, referring to the Ukrainian Economy Ministry.
As noted by Svyrydenko, signing the first agreement in the most economically advanced region of the Middle East has a historic meaning. This document covers not only the UAE but the entire Gulf region. This agreement covers virtually the entire product range of bilateral trade and the removal of tariff barriers between the two countries, which will increase the production and export of Ukrainian goods.
According to the ministry, cooperation between Ukraine and the UAE can help maintain a positive balance of trade in goods, which amounted to USD 51.5 million in 2023. In the medium and long term, this may shift the trajectory of real GDP development by 0.1%.
Svyrydenko emphasized that cooperation would be mutually beneficial, as the two countries have competitive advantages in different economic sectors.
Ukraine’s exports are expected to rise in such key sectors as metallurgy and food industry, namely flour milling and oil production.
In order to strengthen cooperation, the Ukraine-UAE Investment Council will be established, as well as the Committee on the Issues of Small and Medium-Sized Enterprises (SMEs) that will provide educational and advisory support to entrepreneurs.
A significant achievement was that the UAE lifted restrictions on the foreign capital share. Now, Ukrainian entrepreneurs can register companies with the foreign capital share of up to 70%, and even up to 100% in some sectors. This refers to commercial services, construction, education, healthcare and accounting. In free economic zones, Ukrainian companies will be able to own 100% of a business.
Among other things, the agreement provides for changes in the field of digital trade. In particular, duties on digital and electronic data transfers have been cancelled, including electronic content. The document also includes personal data protection, digital payment settlement, as well as the creation of transparent rules for the development of digital economy and cross-border trade.
A reminder that, on February 17, 2025, Ukraine and the United Arab Emirates signed a comprehensive economic partnership agreement, which provides for the import of 99% of goods and products from Ukraine without paying customs duties.
In January-November 2024, the trade turnover between Ukraine and the UAE amounted to USD 415 million. Ukraine’s exports to the UAE reached USD 266.8 million, while imports came to USD 148.2 million.
Source: Economy ministry: Ukraine-UAE agreement covers all aspects of bilateral trade
