The UAE and Ukraine have finalised the terms for a Comprehensive Economic Partnership Agreement, which is hoped to boost the economy of the Eastern European nation disrupted by its two-year war with Russia.
The agreement will provide a host of mutual benefits for the two countries, including the reduction of tariffs on essential products and the removal of trade barriers to promote fair market access, state news agency Wam reported on Monday.
The deal is also hoped to support Ukraine's recovery through the rebuilding of vital economic sectors and infrastructure, in addition to boosting its supply chain to the Middle East and North Africa for its major exports, including grains, machinery and metal.
The deal is the UAE's 15th Cepa that has been implemented, formally signed, or has successfully been negotiated with nations spanning Africa, Asia, Europe and South America.
Eleven have so far been signed, with India, Turkey, Israel, Indonesia, Cambodia, Georgia, Mauritius, Kenya, the Republic of Congo, Colombia and Costa Rica.
The UAE is currently holding talks to conclude new deals with Serbia, Vietnam, the Philippines, New Zealand and Ecuador, while negotiations with South Korea are complete.
The implementation of its latest Cepa will help Ukraine's business community access a "new platform" from which they can tap into the high-potential markets of Asia and Africa through the UAE, said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade.
It will also unlock "new investment pathways that can reconstitute sectors such as logistics, manufacturing and IT and rebuild essential infrastructure”, he added.
“The agreement will play an active role in the revitalisation of the Ukrainian economy, and we look forward towards the ratification of the deal and the new opportunities it will create for the business communities on both sides.”
The UAE's Cepa programme is expected to bolster the UAE’s exports by 33 per cent and contribute more than Dh153 billion ($41.7 billion) to national GDP by 2031.
Its benefits include enhanced market access, lower or eliminated tariff rules, simpler customs procedures, transparency and rule-based competition.
Ukraine's economy, which was hit hard after Russia's invasion in February 2022, has started to gradually recover.
The war had dragged Ukraine's economy to a 29.1 per cent contraction that year, data from the International Monetary Fund shows.
However, its GDP rebounded and posted 5 per cent growth in 2023, with expectations of expansion between and 4 per cent expansion in 2024, the Washington-based fund said.
Ukraine's economy "was more resilient than expected in 2023, with robust growth outturns, continued sharp disinflation and the maintenance of adequate reserves", the fund said last month.
However, headwinds are re-emerging in 2024, with growth expected to soften due to uncertainty about the continuing war and as supply constraints become more binding.
"The outlook remains subject to exceptionally high downside risks arising from war-related factors, potential shortfalls in external financing and the socio-economic impact of policies that may be required if shocks materialise," it said.
Non-oil trade between the UAE and Ukraine was estimated at $385.8 million in 2023, while joint foreign direct investment was at about $360 million by the end of 2022 across sectors such as logistics and infrastructure, travel and tourism, and advanced technology, official data shows.
"I am confident that the Ukrainian and Emirati business communities will fully capitalise on the opportunities presented by the Ukraine-UAE Cepa, thereby unlocking the immense potential in our trade and economic co-operation," said Yulia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade.
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Draw:
Group A: Egypt, DR Congo, Uganda, Zimbabwe
Group B: Nigeria, Guinea, Madagascar, Burundi
Group C: Senegal, Algeria, Kenya, Tanzania
Group D: Morocco, Ivory Coast, South Africa, Namibia
Group E: Tunisia, Mali, Mauritania, Angola
Group F: Cameroon, Ghana, Benin, Guinea-Bissau
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
UAE currency: the story behind the money in your pockets
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
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Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
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Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
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UAE currency: the story behind the money in your pockets
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
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The low down on MPS
What is myofascial pain syndrome?
Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (connective tissue that covers the muscles, which develops knots, also known as trigger points).
What are trigger points?
Trigger points are irritable knots in the soft tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and sustained posture are the main culprits in developing trigger points.
What is myofascial or trigger-point release?
Releasing these nodules requires a hands-on technique that involves applying gentle sustained pressure to release muscular shortness and tightness. This eliminates restrictions in connective tissue in orderto restore motion and alleviate pain. Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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Ad Astra
Director: James Gray
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Hotel Data Cloud profile
Date started: June 2016
Founders: Gregor Amon and Kevin Czok
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Sector: Travel Tech
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Investors: five angel investors (undisclosed except for Amar Shubar)
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
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Results:
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6pm: Al Ras Al Akhdar Maiden Dh80,000 1,600m.
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6.30pm: Al Reem Island Handicap Dh90,000 1,600m.
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7pm: Al Khubairah Handicap (TB) 100,000 2,200m.
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7.30pm: Wathba Stallions Cup Handicap Dh80,000 2,200m.
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
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