Dubai: The UAE-Ukraine Comprehensive Economic Partnership Agreement has officially entered into force, opening the way for lower tariffs and easier market access between the two countries.The agreement, which takes effect on July 1, is expected to support trade and investment flows between the UAE and Ukraine, while giving businesses in both markets wider access to goods, services and growth opportunities.Under the CEPA, 99% of Ukrainian imports of UAE goods and 97% of Ukrainian exports to the UAE will be exempt from customs duties with immediate effect.Trade push with key European marketThe UAE said the agreement marks a major step in strengthening economic ties with Ukraine, a key European market, while reinforcing the Emirates’ role as a global trade hub.Non-oil foreign trade between the UAE and Ukraine reached $346.8 million in 2025. The agreement is aimed at rebuilding that flow after bilateral non-oil trade had reached $904.4 million in 2021.The CEPA is forecast to contribute $369 million to the UAE’s gross domestic product and $874 million to Ukraine’s GDP by 2031.Tariff cuts and market accessThe agreement will eliminate or reduce tariffs across a wide range of goods and services, making it easier for businesses to enter each other’s markets and expand internationally.It is also expected to support private sector collaboration, with companies and entrepreneurs in both countries gaining from clearer trade channels and improved investment prospects.“The UAE-Ukraine CEPA represents a landmark moment in our economic partnership," said Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade. "This agreement is designed to revitalize trade flows, unlock new avenues for investment, and foster collaboration across essential sectors, thereby benefiting both nations. By aligning our economic strategies, we can drive resilient and sustainable growth in an ever-evolving global landscape.”The Ukraine agreement adds to the UAE’s broader trade strategy, which aims to expand the country’s global economic footprint and lift total trade value to $1 trillion by 2031.The UAE has now secured 37 agreements, with 17 in force.Nivetha Dayanand is Assistant Business Editor at Gulf News, where she spends her days unpacking money, markets, aviation, and the big shifts shaping life in the Gulf. Before returning to Gulf News, she launched Finance Middle East, complete with a podcast and video series.