He explained that the agreement provides a liberalization and reduction of fees of up to 96 percent of customs tariff lines compared to some of the countries with which it was signed, all of whom are members of the organization, in light of the great potential to increase non-oil trade exchange between the two friendly countries.
Dr. Thani Al-Zeyoudi said in statements on the occasion of exchanging the Comprehensive Economic Partnership Agreement with… Serbia The agreement constitutes a vital bridge to the Balkan region and the south and east of the Eastern European continent, which has great economic potential.
He added that the agreement reflects the common ambition between… UAE Serbia contributes to launching a new era of bilateral cooperation and promoting sustainable growth of the two countries’ economies.
He pointed out that the agreement aims to stimulate trade and investment flows between the two sides, enhance cooperation and build private sector partnerships in the two friendly countries, in addition to empowering business communities, enhancing investment and knowledge exchange, in addition to activating opportunities for joint development projects in important sectors such as logistics services and food security.
He added that the Comprehensive Economic Partnership Agreement contributes to activating the economic opportunities possessed by the Republic of Serbia in terms of manufacturing capabilities, skilled workforce, and abundant mineral reserves, expecting the agreement with Serbia to add $351 million to the UAE’s gross domestic product by 2032.
Dr. Thani Al Zeyoudi said that the agreement contributes to removing unnecessary barriers to trade, protecting intellectual property rights, supporting small and medium-sized companies, and facilitating mutual investment flows between the UAE and Serbia.
Aley stated that the total non-oil bilateral trade between the UAE and Serbia reached $122.9 million in 2023, with expectations of reaching $500 million in non-oil foreign trade with Serbia during the next five years, noting that the UAE is Serbia’s first trading partner among the GCC countries. The Gulf represents 55 percent of Serbia’s trade with the Gulf countries.
His Excellency said that the UAE is currently the third largest market for Serbian exports in the Middle East, and is also the fourth trading partner of Serbia within the group of Arab countries and Africa, according to 2023 data.
He added that direct investments between the two countries have increased towards high-priority sectors, which include: “renewable energy, agriculture, food security, infrastructure, and logistics services.”
It is worth noting that the Comprehensive Economic Partnership Agreements program, which the UAE has continued to implement since the end of 2021, is an essential pillar of the country’s growth strategy, which aims to double the total value of foreign trade to four trillion dirhams by 2031.