UAE-Serbia CEPA to Boost GDP by $351 Million by 2032, Says Al Zeyoudi

Photo: AP

The Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Serbia marks a significant milestone, as it is the first such agreement established with a non-World Trade Organisation (WTO) member. Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, highlighted this development in a statement to the Emirates News Agency (WAM).

The CEPA entails substantial tariff reductions, eliminating or reducing tariffs on up to 96% of customs lines. This level of tariff adjustment is notably higher than what has been negotiated with other countries that are WTO members. The agreement is strategically designed to enhance non-oil trade between the UAE and Serbia, capitalizing on the potential for economic collaboration.

Dr. Al Zeyoudi described the agreement as a crucial link to the Balkans and Southeast Europe, regions known for their economic potential. He emphasized that the CEPA reflects the shared aspirations of both nations and paves the way for a new chapter in bilateral cooperation, aiming to stimulate sustainable economic growth for both countries.

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The agreement seeks to encourage trade and investment, strengthen collaborative efforts, and foster partnerships within the private sectors of both nations. It aims to empower business communities, enhance investment opportunities, facilitate knowledge sharing, and activate joint developmental projects in key areas such as logistics and food security.

Dr. Al Zeyoudi further explained that the CEPA is designed to leverage Serbia's economic strengths, which include its manufacturing capabilities, skilled workforce, and rich mineral resources.

Looking ahead, the minister projected that the agreement could contribute approximately $351 million to the UAE's GDP by 2032. He noted that non-oil bilateral trade between the UAE and Serbia reached $122.9 million in 2023, with expectations to soar to $500 million in the next five years.

Additionally, Dr. Al Zeyoudi pointed out that foreign direct investment (FDI) between the two countries has been increasing, particularly in high-priority sectors such as renewable energy, agriculture, food security, infrastructure, and logistics services. This growth in FDI reflects a mutual commitment to expanding economic ties and harnessing the strengths of both economies for sustainable development.

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