ABU DHABI - The United Arab Emirates (UAE) and Ukraine on Monday signed a Comprehensive Economic Partnership Agreement (CEPA) aimed at boosting trade, investment, and economic collaboration between the two countries.

The signing ceremony took place in Abu Dhabi in the presence of UAE President Sheikh Mohamed bin Zayed Al Nahyan and Visiting Ukrainian President Volodymyr Zelensky.

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The agreement immediately eliminates customs duties on 99 percent of Ukrainian imports of UAE goods and 97 percent of Ukrainian exports to the UAE, according to UAE's official WAM news agency.

It is expected to contribute $369 million to the UAE's GDP and $874 million to Ukraine's GDP by 2031, while also accelerating Ukraine's economic recovery, said WAM.

During the meeting between the two presidents, the UAE president reiterated his country's commitment to backing all efforts aimed at reaching a peaceful resolution to the Ukraine conflict and continuing initiatives to mitigate its humanitarian impact.

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Zelensky, for his part, reaffirmed his commitment to enhancing cooperation between Ukraine and the UAE, highlighting the numerous opportunities available across various sectors.

The two leaders also discussed various aspects of cooperation, particularly in the fields of the economy, investment, development, renewable energy, and food security, among others.