The UAE and Ukraine have finalised the terms for a Comprehensive Economic Partnership Agreement, which is hoped to boost the economy of the Eastern European nation disrupted by its two-year war with Russia.
The agreement will provide a host of mutual benefits for the two countries, including the reduction of tariffs on essential products and the removal of trade barriers to promote fair market access, state news agency Wam reported on Monday.
The deal is also hoped to support Ukraine's recovery through the rebuilding of vital economic sectors and infrastructure, in addition to boosting its supply chain to the Middle East and North Africa for its major exports, including grains, machinery and metal.
The deal is the UAE's 15th Cepa that has been implemented, formally signed, or has successfully been negotiated with nations spanning Africa, Asia, Europe and South America.
Eleven have so far been signed, with India, Turkey, Israel, Indonesia, Cambodia, Georgia, Mauritius, Kenya, the Republic of Congo, Colombia and Costa Rica.
The UAE is currently holding talks to conclude new deals with Serbia, Vietnam, the Philippines, New Zealand and Ecuador, while negotiations with South Korea are complete.
The implementation of its latest Cepa will help Ukraine's business community access a "new platform" from which they can tap into the high-potential markets of Asia and Africa through the UAE, said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade.
It will also unlock "new investment pathways that can reconstitute sectors such as logistics, manufacturing and IT and rebuild essential infrastructure”, he added.
“The agreement will play an active role in the revitalisation of the Ukrainian economy, and we look forward towards the ratification of the deal and the new opportunities it will create for the business communities on both sides.”
The UAE's Cepa programme is expected to bolster the UAE’s exports by 33 per cent and contribute more than Dh153 billion ($41.7 billion) to national GDP by 2031.
Its benefits include enhanced market access, lower or eliminated tariff rules, simpler customs procedures, transparency and rule-based competition.
Ukraine's economy, which was hit hard after Russia's invasion in February 2022, has started to gradually recover.
The war had dragged Ukraine's economy to a 29.1 per cent contraction that year, data from the International Monetary Fund shows.
However, its GDP rebounded and posted 5 per cent growth in 2023, with expectations of expansion between and 4 per cent expansion in 2024, the Washington-based fund said.
Ukraine's economy "was more resilient than expected in 2023, with robust growth outturns, continued sharp disinflation and the maintenance of adequate reserves", the fund said last month.
However, headwinds are re-emerging in 2024, with growth expected to soften due to uncertainty about the continuing war and as supply constraints become more binding.
"The outlook remains subject to exceptionally high downside risks arising from war-related factors, potential shortfalls in external financing and the socio-economic impact of policies that may be required if shocks materialise," it said.
Non-oil trade between the UAE and Ukraine was estimated at $385.8 million in 2023, while joint foreign direct investment was at about $360 million by the end of 2022 across sectors such as logistics and infrastructure, travel and tourism, and advanced technology, official data shows.
"I am confident that the Ukrainian and Emirati business communities will fully capitalise on the opportunities presented by the Ukraine-UAE Cepa, thereby unlocking the immense potential in our trade and economic co-operation," said Yulia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
UAE currency: the story behind the money in your pockets
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
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How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
