UAE-Serbia Economic Partnership Set to Enhance Trade and Add $351 Million to UAE GDP by 2032

UAE, 07 October, 2024 :  The Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Serbia is set to significantly enhance trade and investment relations. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, highlighted that the agreement, which reduces tariffs on 96% of customs lines, marks a new era of bilateral cooperation between the UAE and Serbia, the first CEPA with a non-WTO country.

Expected to add $351 million to the UAE's GDP by 2032, the CEPA aims to increase non-oil trade and strengthen sectors like logistics, manufacturing, and food security. In 2023, non-oil trade between the two nations reached $122.9 million, projected to rise to $500 million in five years.

The UAE is Serbia's largest trading partner in the GCC, accounting for 55% of Serbia’s trade with Gulf nations. Investments between the two countries focus on renewable energy, agriculture, and infrastructure, aligning with the UAE's goal of doubling foreign trade to AED 4 trillion by 2031.

Source : www.zawya.com