On 26 April, in Abu Dhabi (United Arab Emirates), Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, and Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, signed a Joint Statement on the conclusion of negotiations on the Comprehensive Economic Partnership Agreement between the Government of Ukraine and the Government of the United Arab Emirates.

As a result of the negotiations, the parties reached agreements on significant liberalisation of access to both goods and services markets; laying the foundations for deepening cooperation in trade, investment, economic, digital and other areas.

“This is the first agreement in the most economically advanced region of the Middle East. It covers not only the United Arab Emirates but the Gulf region in general. That is, it is not only access to the Emirates market, but also access to the global market. The Emirates is a trade, economic and financial hub. The Emirates are at the top of the list in terms of trade logistics. Secondly, this is not a classic FTA agreement, it is comprehensive, i.e. it includes goods, services, investments, digital trade, etc. Therefore, the conclusion of negotiations on the Agreement is a historic event in our bilateral relations. I hope that the Ukrainian and Emirati business communities will use all the opportunities of the agreement, which will help unlock the huge potential in our trade and economic cooperation. The agreement will help improve the terms of trade between Ukraine and the UAE, increase the volume of goods and services by reducing tariff barriers and stimulate investment cooperation between the two countries,” explained Yuliia Svyrydenko.

After the signing of the Statement, the parties will begin the legal review of the draft Agreement, as well as the internal procedures necessary for the signing of the Comprehensive Economic Partnership Agreement between the Government of Ukraine and the Government of the United Arab Emirates.

An analysis of the short-term impact shows that the agreement may contribute to maintaining a positive balance of trade in goods. In the medium and long term, it may shift the trajectory of real GDP by 0.10%.

Among the sectors, the highest growth rates are expected in the transport sector, as well as in metallurgy, food processing, including flour milling and oil production. Growth in exports of metals and vegetable oil is also expected as a result of the agreement.