Ukraine holds strategic importance for the UAE, with bilateral trade between the two countries reaching $372.4 million in 2024
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Volodymyr Zelenskyy, President of Ukraine, today attended the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two nations. The agreement aims to unlock new avenues for trade, investment and economic collaboration between the two nations.
Under the terms of the CEPA, 99 percent of Ukrainian imports of UAE goods and 97 percent of Ukrainian exports to the UAE will be exempt from customs duties with immediate effect.
Bilateral trade hits $372.4 million in 2024
The agreement was signed during a formal ceremony at Qasr Al Shati by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Her Excellency Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.
Ukraine holds strategic importance for the UAE, with bilateral trade between the two countries reaching $372.4 million in 2024. Sheikh Mohamed highlighted the significance of the agreement in strengthening the strategic ties between the UAE and Ukraine, advancing bilateral trade and elevating economic cooperation in line with both countries’ aspirations.
The UAE President also expressed confidence that the agreement would play a pivotal role in deepening economic and investment relations between the two countries, thereby contributing to mutual growth and prosperity. He reiterated the UAE’s commitment to strengthening partnerships in efforts to foster sustainable development.
For his part, President Zelenskyy underscored the role of the CEPA agreement in expanding economic cooperation between Ukraine and the UAE, benefiting both nations and their peoples.
CEPA to contribute $874 million to Ukraine’s GDP by 2031
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.
The CEPA is part of the UAE’s broader efforts to expand its global trade partnerships and enhance investment opportunities across multiple sectors. International trade remains a cornerstone of the UAE’s economic strategy, with a goal of increasing non-oil trade to AED4 trillion by 2031.
Since launching its global trade agenda, the UAE has signed 24 CEPAs with key regional and global trade partners, covering markets home to approximately 2.5 billion people—one-quarter of the world’s population. These agreements are driving growth in critical sectors such as logistics, clean and renewable energy, advanced technology and sustainable food systems.
Read: UAE, France advance bilateral economic ties with key partnerships in priority sectors
UAE, Ukraine Presidents explore ways to enhance cooperation
Sheikh Mohamed and President Zelenskyy, who is on an official visit to the UAE, discussed in a meeting today various aspects of cooperation, particularly in the fields of the economy, investment, development, renewable energy and food security, as well as other areas aligned with both countries’ developmental priorities.
Sheikh Mohamed emphasized the UAE’s consistent approach of supporting peaceful solutions to crises, underscoring that development can only be achieved in a stable environment. He reiterated the UAE’s commitment to backing all efforts aimed at reaching a peaceful resolution to the Ukraine conflict and continuing initiatives to mitigate its humanitarian impact.
Meanwhile, President Zelenskyy reaffirmed his commitment to enhancing cooperation between Ukraine and the UAE, highlighting the numerous opportunities available across various sectors. He also expressed his appreciation to His Highness for the UAE’s sustained diplomatic efforts in facilitating prisoner exchanges and its humanitarian focus on the crisis.