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5/1/24, 3:40 PM UAE, Ukraine Finalize Pact Aimed at Boosting Bilateral Trade - BNN Bloomberg
UAE, Ukraine Finalize Pact Aimed at

Boosting Bilateral Trade

Abeer Abu Omar, Bloomberg News

Harvested wheat grain.
, Bloomberg

(Bloomberg) -- The United Arab Emirates and Ukraine concluded an economic
agreement aimed at increasing their bilateral trade, which has fallen sharply from its
pre-war level.

Non-oil trade between the two countries reached $386 million last year, down from more

than $800 million before the Kremlin’s February 2022 invasion of Ukraine, Thani Al-
Zeyoudi, the UAE’s minister of state for foreign trade, said in an interview. The fall in
trade is not specific to the Gulf nation, and similar trends with Ukraine since the start of
the war can be seen across the globe, he said.

The agreement finalizes a trade pact that was announced two years ago, and is part of
the UAE’s goal of growing its non-oil foreign trade with multiple nations. The deal aims
to alleviate or remove tariffs on some products, and strengthen supply chains to the
wider region for major exports such as grains, machinery and metals, according to a
statement on the agreement released Monday.

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