Abu Dhabi [UAE], May 31 (ANI/WAM): The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and the Republic of Serbia has officially come into force, marking a significant milestone in the deepening of economic ties between the two nations.
The agreement is set to foster enhanced trade and investment flows, paving the way for collaboration across a wide variety of priority sectors.
Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, expressed his enthusiasm regarding the CEPA's implementation, stating, "The activation of the UAE-Serbia CEPA heralds a new chapter in our economic relations, creating new avenues for collaboration, investment and trade that will benefit both our nations. Through this agreement, we are committed to unlocking significant opportunities that will create jobs, strengthen supply chains, and facilitate a thriving environment for businesses in both countries."
The UAE-Serbia CEPA aims to boost bilateral non-oil trade, which reached approximately USD 121.4 million in 2024, double the level of trade when compared to 2021, with projections indicating a substantial increase in bilateral trade that will contribute USD 351 million to the UAE GDP by 2031. This growth is anticipated through the elimination and reduction of customs duties for over 96 per cent of tariff lines, thereby enhancing market access and fostering a more conducive environment for private sector collaboration.
Serbia is an important partner for the UAE, with its diverse economy and strategic location providing a vital gateway into Eastern Europe and the Balkans. The CEPA is expected to not only enhance trade but also increase private sector collaboration and promote investments in priority sectors such as renewable energy, agriculture, logistics, and technology.
The UAE is Serbia's leading trading partner in the GCC, accounting for approximately 55 per cent of its total trade with the region in 2023. The bilateral relationship has been further strengthened by increasing flows of FDI, which have been directed towards high-growth sectors, enhancing shared economic interests. With the CEPA now ratified and officially in force, both nations can leverage the agreement to foster economic growth and create opportunities that will benefit their citizens.
The CEPA programme is a cornerstone of the UAE's strategic growth objectives, aiming to increase total non-oil trade to USD 1.1 trillion by 2031 and doubling the size of the economy to USD 800 billion by 2031.
The UAE-Serbia CEPA is the 10th to come into force, with 27 in total having been concluded so far with countries spanning the Middle East, Africa, Southeast Asia, South America and Europe. (ANI/WAM)
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