UAE, Ukraine to begin talks on bilateral commerce deal By Reuters

© Reuters. FILE PHOTO: United Arab Emirates Minister of State for International Commerce Thani Al Zeyoudi gestures throughout an interview with Reuters in Dubai, United Arab Emirates, June 30, 2022. REUTERS/Abdel Hadi Ramahi

By Rachna Uppal

DUBAI (Reuters) – The United Arab Emirates and Ukraine on Monday introduced their intention to begin negotiations on a bilateral commerce deal, anticipated to conclude by the center of subsequent 12 months, the UAE financial system ministry mentioned.

The UAE state has tried to stay impartial within the Russia-Ukraine battle regardless of Western strain on Gulf oil producers to assist isolate Moscow, a fellow OPEC+ member.

The UAE’s minister of state for international commerce, Thani Al Zeyoudi, and Ukraine’s financial system minister, Yulia Svyrydenko, signed a joint assertion on negotiations in the direction of a Complete Financial Partnership Settlement (CEPA), the ministry mentioned.

It could be the UAE’s first such cope with a European nation, following greater than $3 billion in commerce and funding pledges made throughout Ukrainian President Volodymyr Zelensky’s go to to the Gulf state in February 2021.

“For us, Ukraine is a key commerce companion. The expansion and funding potential was excessive earlier than the entire geopolitical scenario; we expect it is time to push issues ahead,” Thani Al Zeyoudi, UAE minister of state for international commerce, informed Reuters.

UAE-Ukraine non-oil commerce amounted to simply over $900 million in 2021, up almost 29% over the earlier 12 months, and 12% greater than in 2019, in accordance with the UAE ministry.

Talks will possible centre on alternatives to broaden commerce within the providers sector, and on meals safety the place the UAE, a commerce hub, is making a push. Ukraine is a significant provider of grain to the Center East.

The ministry assertion mentioned a CEPA with Ukraine would open up entry to new markets in Asia, Africa and the Center East for Ukraine’s agricultural and industrial output.

“This isn’t solely going to deliver added worth to the UAE but in addition to Ukraine as effectively,” Al Zeyoudi informed Reuters.

The UAE has signed free commerce offers with India, Israel and Indonesia this 12 months, aiming to construct its place as a world commerce and logistics hub at a time of rising competitors from Saudi Arabia.