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

Kyiv estimates the accord may boost Ukraine’s gross domestic product by 0.1% in the
medium- to long-term, the Economy Ministry said in a statement on its website.

“Ukraine is a bridge for our exports to Europe, and an important source for our imports
related to food security,” Al-Zeyoudi said in the statement. The agreement “will provide
Ukrainian companies and entrepreneurs with a new platform that allows them to expand
towards growth markets in Asia and Africa through the UAE.”

Al-Zeyoudi said the pact would “play an active role in revitalizing the Ukrainian
economy, and would provide new opportunities for the business communities of the two
friendly countries.”

“It is not a classic free trade agreement, it is comprehensive, and it includes goods,
services, investments, digital trade, and so on,” Ukrainian Economic Minister Yulia
Svyrydenko said. The ministry said it expects exports of metals and vegetable oil to rise

as a result of the deal.

Read more: UAE Seeks Economic Pact to Boost Trade With War-Torn Ukraine

Joint investment between the two countries reached $360 million in 2022 across several
sectors including logistics and infrastructure, travel and tourism, and technology,
according to the statement.

The energy-rich UAE has been signing similar pacts with several countries it is targeting
for trade growth such as India, Israel and Turkey. In 2021, the Gulf country said it
planned to deepen its trade ties in fast-growing economies by drawing $150 billion in
foreign investments.

Read more: Ukraine Budget ‘Very Uncertain’ in 2025, Finance Chief Says

The UAE has maintained ties with both Ukraine and Russia since the start of the
Kremlin’s invasion. The Gulf nation’s business capital Dubai has been a destination for
both Russians and Ukrainians.

--With assistance from Daryna Krasnolutska.

(Updates with Ukraine’s comments from fourth paragraph.)

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