Dubai, 6 December 2022 (TDI): The United Arab Emirates (UAE) and Ukraine have announced beginning negotiations on bilateral trade terms. The negotiations are set to start as soon as possible and are expected to end in the middle of next year.

The negotiations are said to be led by the Minister of State for Foreign Trade of UAE, Thani Al Zeyoudi, and the Economy Minister of Ukraine, Yulia Svyrydenko. They will be signing the joint statement for all the processes to start.

As part of the deal, they will seek to promote a Comprehensive Economic Partnership Agreement (CEPA). The statement will be based on the fact that each country will agree on the trade terms and conditions that the negotiations will bring out.

Both countries have described this as a way towards economic success for their countries in these times of global challenges. They will seek to ensure that each country’s need on the trade market is resolved as they go into this deal.

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The UAE is an oil-rich country. It has contributed greatly to the oil sector of many countries. Their ability to generate tons of oil for the world market has opened a lot of partnership deals for them to work closely with any country.

Also, Ukraine is well noted as a great exporter of iron steel and many products in the world market. The government has continued to discuss the advantages these minerals have brought to the country even in these times of crisis.

Adding to that, the government of Ukraine has expressed its joy for this new deal yet to commence and has assured the UAE of its commitment to the deals.

The UAE has multiple times been in trade terms with countries and this will happen to be another set of moves for bilateral relations between them and Ukraine. They have continued to reach out to other countries for partnerships and collaboration.