The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and Ukraine will officially enter into force on July 1, signifying a major advancement in the two nations’ economic ties. The agreement aims to create new opportunities for trade, investment and private sector collaboration, strengthening the UAE's relationship with a key European market and reinforcing its role as a global trade hub, said a statement.

The CEPA will eliminate or reduce tariffs on a wide range of goods and services, facilitating easier market access and broader global outreach. It is expected to bolster private-sector collaboration, empowering businesses and entrepreneurs in both countries to expand their operations internationally. 

Under the agreement, 99% of Ukrainian imports of UAE goods and 97% of Ukrainian exports to the UAE will be exempt from customs duties with immediate effect. The agreement is forecast to contribute $369 million to the UAE’s gross domestic product (GDP) and $874 million to Ukraine’s GDP by 2031.

In 2025, non-oil foreign trade between the UAE and Ukraine reached $346.8 million. The CEPA aims to revitalise non-oil trade which reached a peak of $904.4 million in 2021, demonstrating the potential for growth that this new agreement can unlock.

Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, expressed his optimism for the agreement's prospects, stating: "The UAE-Ukraine CEPA represents a landmark moment in our economic partnership. This agreement is designed to revitalize trade flows, unlock new avenues for investment, and foster collaboration across essential sectors, thereby benefiting both nations. By aligning our economic strategies, we can drive resilient and sustainable growth in an ever-evolving global landscape." - TradeArabia News Service