UAE-Ukraine trade deal promises major economic growth

UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi led discussions with Ukrainian officials on Tuesday to explore investment opportunities under a newly signed trade agreement expected to boost both nations' economies significantly, according to a report from the Emirates News Agency (WAM).

The business roundtable brought together UAE government officials and business leaders with a Ukrainian delegation headed by First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko, focusing particularly on infrastructure projects under the Comprehensive Economic Partnership Agreement (CEPA).

The trade agreement, signed in the presence of UAE President Sheikh Mohamed bin Zayed Al Nahyan and Ukrainian President Volodymyr Zelenskyy, is projected to add $369 million to the UAE's GDP and $874 million to Ukraine's GDP by 2031.

"This roundtable not only demonstrates our commitment to enhancing economic ties with Ukraine but will also accelerate the mutual benefits that our newly signed CEPA offers," Al Zeyoudi said, highlighting opportunities in infrastructure, agriculture and technology sectors.

'A new era of friendship'

Svyrydenko emphasized that the agreement marks "a new era of friendship" between the nations, pointing to opportunities in energy projects, logistics, transportation, healthcare and manufacturing.

The discussions centered on infrastructure development, agriculture, food security and the potential privatization of large-scale state-owned Ukrainian enterprises. Logistics and transport projects, particularly in roads, ports and airports, were identified as key areas requiring substantial capital investment.

The partnership builds on 28 memoranda of understanding signed between the two countries in 2021, valued at over $3 billion, with existing joint foreign direct investment stock standing at $360 million.