UAE and Ukraine sign trade deal to work together and grow business opportunities
On Monday, the UAE signed a trade agreement with Ukraine to increase business, investment, and economic cooperation between the two countries, according to state news agency WAM.
Agreement Details
Under this agreement, 99% of goods imported from the UAE to Ukraine and 97% of goods exported from Ukraine to the UAE will be free from customs duties immediately. The deal is expected to add $369 million to the UAE’s economy and $874 million to Ukraine’s economy by 2031.
The agreement aims to help Ukraine’s economic recovery and create new business opportunities in areas like infrastructure, heavy industry, aviation, aerospace, and information technology.
The signing took place at Qasr Al Shati, with UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and Ukraine’s First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko. UAE President Sheikh Mohamed bin Zayed Al Nahyan and Ukraine’s President Volodymyr Zelenskyy were also present.
The UAE President said the deal strengthens the partnership between the two countries, boosts trade, and supports economic cooperation. He believes it will help both nations grow and prosper together.
In 2024, trade between the UAE and Ukraine was worth $372.4 million, according to WAM.
International Trade
This agreement is part of the UAE’s goal to expand trade and increase investment opportunities worldwide. Trade is a key part of the UAE’s economic strategy.
Since launching its trade agreement program (CEPA), the UAE has signed 24 agreements with major trade partners, covering markets with about one-quarter of the world’s population.
On December 31, Minister Al Zeyoudi announced that the UAE will continue expanding its trade agreements in 2025. He said these deals will support fair global trade, boost development, attract investments, and create more trade opportunities.
The UAE aims to reach $1.089 trillion (AED 4 trillion) in non-oil foreign trade by 2031.
Recent Agreements
- In October, the UAE and Vietnam signed agreements to strengthen trade, education, investment, research, and logistics during a visit by Vietnam’s Prime Minister Pham Minh Chinh.
- Also in October, the UAE and Jordan signed a trade deal to boost investment, create jobs, and improve supply chains. This was the first such agreement between the UAE and another Arab country.
- In September, the UAE and New Zealand signed a trade deal to remove duties on 98.5% of New Zealand’s exports, increasing to 99% within three years.
Published: 18th February 2025
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