UAE, Ukraine Presidents witness CEPA signing

President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Volodymyr Zelenskyy, President of Ukraine, on Monday attended the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

The agreement aims to unlock new avenues for trade, investment, and economic collaboration between the two nations.

His Highness 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.

He expressed confidence 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.

President Zelenskyy underscored the role of the agreement in expanding economic cooperation between Ukraine and the UAE, benefiting both nations and their people.

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.

Under its terms, 99 per cent of Ukrainian imports of UAE goods and 97 per cent of Ukrainian exports to the UAE will be exempt from customs duties with immediate effect.

The agreement is expected to contribute $369 million (AED1,355 billion) to the UAE’s GDP and $874 million (AED3,209 billion) 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 holds strategic importance for the UAE, with bilateral trade between the two countries reaching $372.4 million (AED1,367 billion) in 2024.

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  $1.1 trillion (AED4 trillion) by 2031.

Since launching its global trade agenda, the UAE has signed 24 Comprehensive Economic Partnership Agreements 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.