The Cabinet of Ministers endorsed a draft law on the ratification of the Comprehensive Economic Partnership Agreement between the Government of Ukraine and the Government of the United Arab Emirates (UAE).
This was reported by the Ministry of Economy.
It is noted that the agreement provides for the free trade between the two countries by liberalizing access to markets for goods and services, ensuring full liberalization of access of Ukrainian goods to the UAE market.
“The Comprehensive Economic Partnership Agreement between the Government of Ukraine and the Government of the UAE improves opportunities for Ukrainian businesses in the global market, as the UAE is an important economic, trade and financial hub in the Middle East,” said First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko.
According to the official, the implementation of the agreement, which covers virtually the entire range of bilateral trade, will contribute to the growth of production and exports of Ukrainian products by reducing tariff barriers in trade between the two nations.
Ukrainian exports are expected to grow in key sectors, including metallurgy, the food industry, flour milling and vegetable oil production. In addition, the UAE has lifted restrictions on the share of foreign capital for Ukraine, which will allow Ukrainian entrepreneurs to register companies with foreign capital up to 70% and in certain sectors – gradually up to 100%.
The agreement also opens up new opportunities for digital trade by abolishing duties on digital and electronic data transmission, including electronic content.
The document shall not apply to the territories of Ukraine under foreign occupation until full control over them is restored.
The agreement, signed on February 17, in Abu Dhabi with the participation of President of Ukraine Volodymyr Zelensky, will enter into force 60 days after the parties notify each other of the completion of all required internal procedures.
The ministry emphasized that this is the first agreement in the history of Ukraine to be signed with the countries of the Persian Gulf. (Ukrinform)