Ukraine and the United Arab Emirates have finalized a bilateral trade agreement that lays the foundation for deepening investment and trade between the two countries, Ukraine's Economy Ministry announced on April 29.
The agreement was signed by Economy Minister Yulia Svyrydenko and the UAE's Foreign Trade Minister Thani bin Ahmed Al Zeyoudi on April 26 in Abu Dhabi.
Svyrydenko said the agreement provides an entry for Ukraine "not only into the Emirates' market, but an entry into the global market," since the UAE is "a trade, economic, and financial hub."
"The agreement will help improve trade conditions between Ukraine and the UAE, increase the volume of goods and services by lowering tariff barriers and stimulating investment cooperation between the two countries," Svyrydenko said.
"Ukraine is a bridge for our exports to Europe, and an important source for our imports related to food security," Al Zeyoudi said in a statement.
Bloomberg described the pact as "part of the UAE's goal of growing its non-oil foreign trade with multiple nations."
According to Ukraine's Economy Ministry, the agreement has the potential to boost Ukraine's GDP by 0.1% in the medium and long term.
The agreement is expected to benefit the transport, metallurgy, and food production sectors, the ministry said.
Kateryna Denisova
(Updated: )
