The agreement features tariff reductions and eliminations of up to 96 percent across tariff lines compared to some countries with which the agreement is concluded (all WTO members). Dr. Al Zeyoudi said that this initiative was undertaken considering the great potential to increase non-oil trade between the friendly bilateral countries, following the exchange of CEPA between the two countries.
Dr. Al Zeyoudi said the agreement is an important bridge to the Balkans and South-Eastern Europe, which has great economic potential, and reflects the common ambitions of the United Arab Emirates and Serbia. It added that it will help usher in a new era of cooperation and promote sustainable growth in Serbia. economy of both countries.
He said the agreement aims to stimulate trade and investment flows between the two countries, strengthen cooperation and build private sector partnerships in friendly countries between the two countries. It also aims to empower the business community, foster investment, foster knowledge exchange and stimulate opportunities for joint development projects in critical areas such as logistics and food security.
The Minister added that the agreement will contribute to the exploitation of the economic opportunities of the Republic of Serbia, in particular its manufacturing capacity, skilled labor and rich mineral resources.
He predicted that the agreement would increase the UAE’s GDP by $351 million by 2032. “Total non-oil bilateral trade between the UAE and Serbia is expected to reach $122.9 million in 2023, and non-oil foreign trade with Serbia is expected to reach $500 million” over the next five years. ”
The minister pointed out that the UAE is Serbia’s largest trading partner among the Gulf Cooperation Council (GCC) countries, accounting for 55% of Serbia’s trade with the Gulf states. “According to 2023 data, the UAE is currently the third largest market for Serbian exports in the Middle East and the fourth largest trading partner for Serbia among Arab countries and Africa.”
Dr Al Zeyoudi added that FDI between the two countries is increasing towards priority sectors such as renewable energy, agriculture, food security, infrastructure and logistics services.
It is noteworthy that the Comprehensive Economic Partnership Agreement program that the UAE has been implementing since the end of 2021 is a fundamental pillar of the country’s growth strategy, which aims to double its total external trade to AED 4 trillion by 2031. worth it.