3.3 billion dirhams of mutual trade between the two countries in 2021

The UAE and Ukraine intend to launch talks on an economic partnership agreement

Strong trade and investment flows between the UAE and Ukraine are witnessing continuous growth.

From the source

Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, and First Deputy Prime Minister and Minister of Economy of Ukraine, Yulia Svirenko, yesterday signed a joint ministerial statement regarding the two countries' intention to launch talks to reach a comprehensive economic partnership agreement between them.

The signing ceremony took place during the visit of a high-ranking Ukrainian delegation to the UAE.

This step confirms the keenness of the two countries to strengthen bilateral economic relations, boost trade, improve market access, and create investment opportunities and new joint projects.

The proposed Comprehensive Economic Partnership Agreement is a major element in Ukraine's plans to revitalize its national economy once the current crisis is over, knowing that Ukraine is one of the most important countries exporting grains, such as barley and wheat, to the countries of the Middle East.

This joint declaration comes at a time when strong trade and investment flows between the UAE and Ukraine are witnessing continuous growth, as the volume of non-oil trade between the two countries in 2021 reached $904.4 million (3.3 billion dirhams), an increase of 28.4% over the same period in 2020. and more than 12.2% from 2019.

UAE investments in Ukraine amounted to approximately $243.3 million by the end of 2021, while total Ukrainian investments in the UAE reached $84 million by the end of 2020. This step also comes after trade and investment pledges that were announced at a value of more than three billion dollars during the visit Ukrainian President Volodymyr Zelensky to the UAE in February 2021.

Dr. Thani Al-Zeyoudi stressed, "The pursuit of the first comprehensive economic partnership agreement for the UAE with a European country reflects the broad scope of the country's new foreign trade agenda."

He said, "Building deeper and stronger bridges of cooperation with strategically important global partners is a major component of our efforts to double the size of the national economy by 2030, and this agreement with Ukraine, which represents an important economic destination in Europe, provides a range of new opportunities for exporters, investors and manufacturers in the country." It also provides access for Ukraine's agricultural and industrial production to new markets in Asia, Africa and the Middle East.

We welcome Ukraine's openness to reaching a comprehensive economic partnership agreement at this time, and we look forward to reaching a mutually beneficial agreement that accelerates the flow of goods, secures supply chains, and creates a platform for joint projects in areas of mutual interest.

For her part, Yulia Svirenko said, "The conclusion of a comprehensive economic partnership agreement between Ukraine and the UAE will unleash the full potential of the two countries' cooperation in trade and investment, which will help their business communities grow by taking advantage of new opportunities."

She added: «The UAE has gained a well-deserved reputation as a prominent international trade and logistics hub, and at the same time Ukraine is famous for its role as a global guarantor of food security and a growing power in the field of information technology, and this makes the economies of the two countries complementary, and we look forward to working together to promote trade and the digital economy, in addition to cooperation in Facilitate investment flows.

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