Ukraine and the United Arab Emirates (UAE) are looking to expand their economic and investment cooperation, increase trade, and implement joint business projects. The discussions took place during a meeting between Ukraine’s First Deputy Prime Minister and Minister of Economy, Yuliia Svyrydenko, and the UAE’s State Minister of International Trade, Dr. Thani bin Ahmed Al Zeyoudi.
Ukraine and the UAE seek to boost bilateral trade and attract investment to help Ukraine recover. Despite difficulties, Ukraine has continued its economic reforms and is eager to strengthen its economic ties with partners worldwide.
Increasing Trade and Liberalizing Trade
The UAE is among Ukraine’s important trading partners, and the countries have the potential to expand their trade cooperation even further. Agricultural and metallurgical products constitute the largest share of trade between the two countries, accounting for more than 80% of the total trade volume.
In 2022, the total trade turnover between the countries decreased to USD 293.9 million, with Ukrainian exports making up USD 205.9 million. However, the countries are committed to liberalizing their trade relations to help restore trade volumes that reached USD 1.14 billion in 2021. Ukraine aims to increase the supply of meat and dairy products, eggs, honey, as well as metallurgical and ferrous metal products to the UAE market. Both countries aim to expand their trade to strengthen their economic cooperation and mutual benefits.
Promoting Food Security in the Middle East and Africa
In addition, the Grain from Ukraine initiative, launched by Ukraine’s President, Volodymyr Zelenskyy, presents another opportunity for Ukraine and the UAE to cooperate and further strengthen their economic ties.
Ukraine and the UAE’s efforts to expand their economic cooperation and promote mutual benefits through the Comprehensive Economic Partnership Agreement and the Grain from Ukraine initiative present prospects for both countries.
