UAE and Ukrainian officials have discussed the latest developments towards the signing of a comprehensive economic partnership agreement (Cepa) between the two countries.
The Emirates announced the launch of preliminary Cepa talks with Ukraine in December 2022.
Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, met Yulia Svyrydenko, Ukraine's First Deputy Prime Minister and Minister of Economic Development, Trade and Agriculture, and Taras Kachka, the eastern European nation's Deputy Minister of Economic Development, in Dubai on Thursday.
The meeting explored measures to strengthen co-operation in sectors such as property, transport, energy, agriculture, technology, manufacturing and retail.
“The agreement presents a new road map to boost trade exchanges, provide more investment and trade opportunities for the UAE and Ukrainian business communities, and foster co-operation in various economic fields, especially infrastructure, heavy industries, aviation, information technology and food security,” Dr Al Zeyoudi said.
“The two countries boast strategic geographical locations through which the rest of the world can access major markets in Europe, Africa and Asia. Besides, both markets have significant investment capabilities and great economic potential.”
The UAE was Ukraine's second-largest GCC trade partner in 2021, while non-oil trade between the two countries exceeded Dh1.4 billion ($381 million) in 2022, the ministry said.
The Emirates' investments in Ukraine stood at $100 million as of September 2020, making the UAE the largest Arab investor in Ukraine.
The investments span sectors such as manufacturing, transport, storage, gas, retail trade, property and agriculture.
Meanwhile, Ukrainian foreign direct investment in the UAE stood at $84 million at the beginning of 2021, mostly in property, retail trade, manufacturing, transport, warehousing and technology, the ministry said.
The Cepa negotiations build on the more than $3 billion in trade and investment pledges made during Ukrainian President Volodymyr Zelenskyy’s visit to the UAE in February 2021.
The discussions come after President Sheikh Mohamed met Ukraine's first lady Olena Zelenska in Abu Dhabi this week.
Sheikh Mohamed said that $4 million would be directed to the Olena Zelenska Foundation, which will be used to contribute to the construction of 10 buildings that will house about 100 children, news agency Wam reported.
“The trade and economic relations between the UAE and Ukraine are founded on fruitful co-operation and they continue to grow in various fields,” Ms Svyrydenko said.
“The [Cepa] partnership will contribute to enhancing the bilateral economic relations and their competitiveness in an unprecedented manner.
“It will also boost investment exchanges and business partnerships, thus promoting opportunities and enablers for the business communities in both countries.”
The UAE is working towards signing 26 Cepa deals as it seeks to attract more investment and diversify its economy, Minister of Economy Abdulla bin Touq said this month.
The Emirates has signed similar deals with India, Indonesia, Israel and Turkey.
It is also in negotiations with Cambodia, Georgia and Vietnam.
The agreements aim to boost bilateral trade and economic relations globally, and support the UAE's goal to double the size of its economy to Dh3 trillion by 2030.
The Emirates is looking to eliminate or reduce tariffs, remove unnecessary trade barriers, increase market access and set up investment and trade joint ventures with its partners.
These efforts are part of plans to transition to a new economic model marked by enhanced openness, competitiveness, knowledge and innovation, Dr Al Zeyoudi said.
UAE currency: the story behind the money in your pockets
Neymar's bio
Total club appearances 411
Total goals scored 241
Appearances for Barca 186
Goals scored for Barca 105
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2019 ASIA CUP POTS
Pot 1
UAE, Iran, Australia, Japan, South Korea, Saudi Arabia
Pot 2
China, Syria, Uzbekistan, Iraq, Qatar, Thailand
Pot 3
Kyrgyzstan, Lebanon, Palestine, Oman, India, Vietnam
Pot 4
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Volvo ES90 Specs
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Watford v Bristol City
Liverpool v Everton
Brighton v Crystal Palace
Bournemouth v AFC Fylde or Wigan
Coventry v Stoke City
Nottingham Forest v Arsenal
Manchester United v Derby
Forest Green or Exeter v West Brom
Tottenham v AFC Wimbledon
Fleetwood or Hereford v Leicester City
Manchester City v Burnley
Shrewsbury v West Ham United
Wolves v Swansea City
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The specs
The specs: 2019 Audi Q8
Price, base: Dh315,000
Engine: 3.0-litre turbocharged V6
Gearbox: Eight-speed automatic
Power: 340hp @ 3,500rpm
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Fuel economy, combined: 6.7L / 100km
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ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
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Benefits of first-time home buyers' scheme
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Match info
Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')
Man of the match Wilfried Zaha (Crystal Palace)
The biog
Hobbies: Writing and running
Favourite sport: beach volleyball
Favourite holiday destinations: Turkey and Puerto Rico
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
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The years Ramadan fell in May
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UAE currency: the story behind the money in your pockets
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Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
