Ukraine and the United Arab Emirates (UAE) have signed a historic Comprehensive Economic Partnership Agreement, which opens up new prospects for domestic exports. The document was signed on February 17 in Abu Dhabi with the participation of President of Ukraine Volodymyr Zelensky, the Ministry of Economy of Ukraine reports.
The agreement was signed on behalf of Ukraine by First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko, and on behalf of the UAE by Minister of International Trade Thani bin Ahmed Al Zeyoudi. This is the first such agreement between Ukraine and the Gulf countries.
What does the agreement provide for?
The document establishes a free trade regime between the two countries, opening access to the UAE market for 96.6% of Ukrainian goods. Key benefits for Ukrainian companies:
- Simplified access to the UAE and regional markets
- Guaranteed and transparent trading conditions
- Removal of barriers to exports and investments
The agreement is expected to contribute to the growth of exports in strategically important areas: metallurgy, agro-industry, flour milling and oil production.
The parties also agreed to establish a Ukraine-UAE Investment Council, which will facilitate the attraction of capital investments and the elimination of obstacles to business. A Committee on Small and Medium-Sized Businesses will also be established, which will provide support to entrepreneurs through educational and consulting programs.
In addition, the UAE has abolished the 49% foreign capital restriction, allowing Ukrainian companies to register businesses with a foreign investment share of up to 70%, and in some sectors — up to 100% (in particular, in the fields of education, medicine, construction and commercial services). In free economic zones, Ukrainian enterprises can fully own the business.
It is known that in 11 months of 2024, trade turnover between Ukraine and the UAE reached $415 million. Ukrainian exports amounted to $266.8 million, and imports — $148.2 million.
Main export categories:
- Oil and fats — $48.6 million
- Meat and edible by-products — $45 million
- Cereals — $15.3 million
- Metal products — $13.6 million
