The latest development in the UAE’s plans to increase the amount of non-oil international trade to Dhs4 trillion by 2031 is the finalization of the provisions of a Comprehensive Economic Partnership Agreement (CEPA) between the two countries. The signing of a joint statement by Yulia Svyrydenko, Ukraine’s first deputy prime minister and minister of economy, and Dr. Thani Bin Ahmed Al Zeyoudi, the minister of state for foreign trade, marked the end of the discussions.
The UAE-Ukraine CEPA will eliminate or lower tariffs on essential product lines, do rid of pointless trade restrictions, and encourage equal market access for exporters on both sides.
Following the negotiations, Al Zeyoudi declared, “Ukraine is an important ally in our food security imports and a bridge to Europe for our exporters.” When the CEPA is put into effect, it will provide industrialists and business owners in Ukraine with a new platform from which to enter the developing economies of Asia and Africa through the UAE. It will also open up new investment avenues that can be used to reconstruct vital infrastructure and reconstitute industries like manufacturing, logistics, and IT.
He continued, “We look forward to the agreement’s ratification and the new opportunities it will create for the business communities on both sides. The agreement will play an active role in revitalising the Ukrainian economy.
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