Ukraine and UAE sign trade agreement – Bloomberg

This is according to Bloomberg.

Trade between the two countries reached $386 million last year, marking a decrease of over $800 million compared to pre-war levels, as stated by Thani Al-Zeyoudi, the UAE’s minister of state for foreign trade.

Al-Zeyoudi noted that the decline in trade is not unique to the Persian Gulf countries, with similar trends observed worldwide since the war began.

The agreement's signing follows the announcement of a trade pact two years ago and aligns with the UAE's goal of expanding foreign trade with numerous countries.

The deal seeks to reduce or eliminate tariffs on certain goods and strengthen supply chains for key exports like grain, machinery, and metals in the wider region.

Al-Zeyoudi emphasized Ukraine's role as a bridge for exports to Europe and a vital source for imports related to food security, stating that the agreement "will provide Ukrainian companies and entrepreneurs with a new platform that allows them to expand towards growth markets in Asia and Africa through the UAE."

He further highlighted that the agreement would "play an active role in revitalizing the Ukrainian economy, and would provide new opportunities for the business communities of the two friendly countries."

• On April 23, the European Parliament voted to support a one-year extension of the duty-free food trade agreement with Ukraine, with added safeguards to protect European farmers.