(MENAFN- UkrinForm) First Vice Prime Minister of Ukraine and Minister of Economy of Ukraine Yulia Svyrydenko and Minister of State for Foreign Trade of the UAE Thani bin Ahmed Al-Zeyoudi signed a joint statement on the completion of negotiations on an intergovernmental agreement on a comprehensive economic partnership.
According to Ukrinform, this was reported by the press service of the Ministry of Economy .
It is noted that as a result of the negotiations, the parties managed to reach agreements on significant liberalization of access to both goods and services markets; lay the foundations for deepening cooperation in trade, investment, economic, digital and other areas.
"This is the first agreement in the most economically advanced region of the Middle East. It covers not only the United Arab Emirates but the entire Gulf region. That is, this is not only access to the Emirates market, but access to the global market. Because the Emirates is a trade, economic, and financial hub. The Emirates are at the top of the list in terms of trade logistics. Secondly, this is not a classic FTA agreement, it is comprehensive, i.e. it includes goods, services, investments, digital trade, etc. Therefore, the conclusion of negotiations on the Agreement is a historic event in our bilateral relations. I hope that the Ukrainian and Emirati business communities will use all the opportunities of the agreement, which will help unlock the huge potential in our trade and economic cooperation. The agreement will help improve the terms of trade between Ukraine and the UAE, increase the volume of goods and services by reducing tariff barriers and stimulate investment cooperation between the two countries," explained Svyrydenko.
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After signing this statement, the parties will begin legal verification of the draft agreement, as well as domestic procedures necessary for the signing of the Comprehensive Economic Partnership Agreement between the Government of Ukraine and the Government of the United Arab Emirates.
It is noted that the analysis of the short-term impact shows that the agreement can contribute to maintaining a positive balance of trade in goods. In the medium and long term, it may affect a shift in the trajectory of real GDP development by 0.10%.
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Among the sectors, the highest growth rates are expected in the transportation sector, as well as in metallurgy, food processing, including flour milling and oil production. Growth in exports of metals and vegetable oil is expected as a result of the agreement.
As reported, Turkey, Iraq, Qatar and the United Arab Emirates have agreed to cooperate on the construction of a new trade route, the Development Road, from Asia to Europe.
Photo: Ministry of Economy
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