The United Arab Emirates and Ukraine announced on Monday their intention to start negotiations on a bilateral trade deal that is expected to be concluded by the middle of next year, the UAE Ministry of Finance said.
The Arab Gulf state has tried to remain neutral in the Russia-Ukraine war, despite Western pressure on Gulf oil producers to help isolate Moscow, another OPEC+ member, and has appealed to diplomacy to resolve the conflict.
UAE Minister of State for Foreign Trade Thani Al Zeyoudi and Ukrainian Economy Minister Yulia Sviridenko signed a joint statement on negotiations for a Comprehensive Economic Partnership Agreement (CEPA), as reported by the ministry.
It would be the UAE’s first such deal with a European country, following pledges of more than $3 billion in trade and investment made during Ukrainian President Volodymyr Zelenski’s visit to the Persian Gulf state in February 2021.
“For us, Ukraine is a key trading partner. The potential for growth and investment was high before the whole geopolitical situation, we believe it is time to move things,” Thani Al Zeyoudi, the UAE’s minister of state for foreign trade.