During a working visit to the UAE, President Volodymyr Zelenskyy announced the signing a bilateral trade agreement that will simplify trade between the two countries. According to the Ministry of Economy, this marks the first agreement in Ukraine’s history with a Gulf nation.
Zelenskyy noted that this significant economic pact “liberalizes access to the UAE market for nearly all Ukrainian goods.” He continued by saying that Ukrainian companies will now find it easier to sell their products in the UAE. The agreement facilitates free trade between Ukraine and the UAE and increases access to commodity markets in both countries. Ukrainian goods will enjoy full access to 96.6% of commodity lines in the UAE market.
The Ministry of Economy also mentioned that favorable conditions could help maintain a positive trade balance, which reached $51.5M in 2023. This agreement could accelerate real GDP growth by 0.1% in the medium to long term.