Serbia and the United Arab Emirates (UAE) have signed the Comprehensive Economic Partnership Agreement (CEPA) aiming to boost trade and investment flows between the two countries, UAE President Sheikh Mohamed bin Zayed Al Nahyan said.
The agreement is expected to remove or reduce fees on custom tariff lines, lift unnecessary trade barriers, protect intellectual property rights, support small and medium-sized enterprises, and facilitate mutual investment flows, bin Zayed Al Nahyan said in a press release on Saturday, following a meeting with Serbia’s president Aleksandar Vucic in Belgrade.
UAE foreign trade minister Thani bin Ahmed Al Zeyoudi said the agreement with Serbia represents the first CEPA that the UAE signed with a country that is not a member of the World Trade Organization, as cited by local media.
Bin Ahmed Al Zeyoudi stated he expects the agreement will add $351 million (320 million euro) to the UAE’s gross domestic product (GDP) by 2032. “The total non-oil bilateral trade between the UAE and Serbia reached $122.9 million in 2023, and is expected to reach $500 million in non-oil foreign trade with Serbia over the next five years,” the minister stated.
The UAE launched the CEPA programme at the end of 2021, aiming to double the total value of foreign trade to AED 4 trillion ($1.1 trillion/ 993 billion) by 2031. The Gulf country has so far signed CEPAs with India, Turkey, and Israel, among others.
($ = 0.911 euro)
UAE, Serbia sign CEPA; Source: UAE President
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