UAE And Serbia Strengthen Ties With Comprehensive Economic Partnership Agreement Exchange
The UAE and Serbia have taken a significant step in strengthening their economic ties. A Comprehensive Economic Partnership Agreement (CEPA) was exchanged between the two nations, witnessed by UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Serbian President Aleksandar Vučić. This agreement aims to boost trade, investment, and collaboration between their private sectors.
His Highness Sheikh Mohamed bin Zayed Al Nahyan praised the CEPA as a crucial development in UAE-Serbia relations. He stated, "The CEPA exchange with Serbia is a notable step forward in our efforts to create a network of trade agreements that will accelerate investment, promote knowledge-sharing, and create opportunities for joint ventures in high-growth sectors. Serbia represents an important addition to the CEPA programme and a bridge into the high-potential region of Eastern Europe. The UAE-Serbia CEPA reflects our shared ambition to establish a new era of collaboration between our nations and unlock long-term, sustainable growth for both our economies."
President Vučić expressed optimism about the CEPA's potential to foster economic cooperation and diversification. He believes it will lead to sustainable growth and prosperity for both countries. The agreement is expected to enhance economic collaboration significantly.
The CEPA was exchanged during a ceremony involving Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Tomislav Momirović, Serbia’s Minister of Internal and Foreign Trade. This agreement is set to deepen trade ties, boost growth in key industries, create jobs, strengthen supply chains, and facilitate business operations between the two countries.
Once implemented, the UAE-Serbia CEPA aims to eliminate or reduce tariffs on various products. It will also remove unnecessary trade barriers, protect intellectual property rights, support small businesses, and encourage mutual investments. This agreement builds on the growing relationship between the two nations.
The UAE is currently the third-largest market for Serbian exports in the Middle East. There has been increased foreign direct investment from the UAE into Serbia's priority sectors such as renewable energy, agriculture, food security, infrastructure, and logistics.
UAE’s Broader Economic Strategy
The UAE’s CEPA programme is central to its economic growth strategy. It targets USD 1 trillion in total trade value by 2031 while aiming to double its economy's size beyond USD 800 billion by 2030. Launched in September 2021, this programme covers regions including the Middle East, Africa, Southeast Asia, South America, and Eastern Europe.
The agreements under this programme encompass nearly a quarter of the global population. The UAE-Serbia CEPA will become effective after ratification by both countries' authorities.
This partnership marks an important milestone for both nations as they seek long-term economic growth through enhanced cooperation and strategic alliances.
With inputs from WAM
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