UAE + Ukraine ink CEPA: The UAE and Ukraine have inked a comprehensive economic partnership agreement (CEPA) slashing tariffs on nearly all traded goods, state news agency Wam reports. The agreement removes customs duties from 99% of Ukrainian imports of UAE goods and 97% of Ukrainian exports to the UAE. Negotiations for the agreement wrapped up in April 2024.

The economic impact? By 2031, the agreement is projected to boost the UAE’s GDP by USD 369 mn and Ukraine’s by USD 874 mn. The partnership will focus on infrastructure, heavy industry, aviation, aerospace, and IT.

Background: The UAE’s non-oil foreign trade soared 14.6% y-o-y to AED 3 tn last year, with CEPAs contributing AED 135 bn to non-oil exports. The UAE is pushing to hit AED 4 tn in annual foreign trade by 2031, with 75% of that goal already locked in.

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