Politics
UAE and Serbia Ink CEPA Deal, Target $500m Trade Boost
Published
1 week agoon
The United Arab Emirates and Serbia have sealed a historical Economic Partnership Agreement (CEPA) that aims to bring the value of trade within five years to $500 million. This is after both presidents, of UAE Sheikh Mohamed bin Zayed Al Nahyan and Serbia’s Aleksandar Vučić, agreed on the economic cooperation deal.
Agreement Highlights and Economic Impact
The CEPA has an enviable tariff-cutting plan of up to 96% across customs lines, which goes a notch higher than the deals with the WTO members. Dr. Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi expects the deal will add as much as $351 million to the UAE’s gross domestic product by 2032. At present the non-oil bilateral trade is $122.9 million; however, the UAE is Serbia’s largest trading partner within the GCC region and constitutes 55% of Serbia’s total trade with the Gulf.
The deal focuses on the priority areas that entail energy, especially green energy, agriculture, food security, construction, and transport. This cooperation relies on Serbia’s production potential, qualified workforce, and rich mineral deposit base, with the UAE’s vision to raise its non-oil foreign trade to $ 1 trillion by 2031 and double its economy to more than $ 800 billion by 2030.
Market Control and Future Outlook
The UAE Serbia CEPA is an important gateway for the Balkans and South East Europe which are full of economic prospects. Therefore, Serbia is the third-largest export market in the UAE in the Middle East and its fourth-largest trading partner among Arab countries and Africa. It is based on established cooperation and creates new prospects for the exchange of information and cooperation in promising industries.
The agreement is launched within the framework of the UAE’s CEPA program launched in September 2021, which now covers several regions, including the Middle East, Africa, Southeast Asia, South America, and Eastern Europe. These sorts of agreements together cover almost a quarter of the global population and place the UAE as an international trading center while supporting its diversification strategies at the same time.
Fathima is a part of the entertainment desk at The Gulf Independent. Her vibrant personality and diverse interests add a touch of uniqueness to her articles. In addition, she is a budding content creator on social media, captivating netizens through her creative storytelling. Interest: Fatima holds substantial interest in the creative industry, casually reading through multiple updates every day on celebrities, movie releases, OTT releases, project reviews, upcoming releases and events, and new trends floating around in the sector. Education and Experience: Her journey in the media industry started in 2021 as she got her bachelor's degree in journalism and digital media from the prestigious Zayed University in the UAE and subsequently ventured into the entertainment sector, holding strong ambitions to bring something new to the table.
You may like
-
Forbes reveals sustainability champions making Middle East a blueprint for green practices
-
Riyadh Season 2024 Launches with Exciting Cultural Experiences
-
Uae: This emirate has claimed the top spot on list of richest cities globally
-
Oman-Belarus Relations: A New Era of Diplomatic and Economic Partnerships
Forbes reveals sustainability champions making Middle East a blueprint for green practices
Riyadh Season 2024 Launches with Exciting Cultural Experiences
Uae: This emirate has claimed the top spot on list of richest cities globally
Oman-Belarus Relations: A New Era of Diplomatic and Economic Partnerships
Long queues of Emiratis prepare 450 tonnes of aid to Lebanon
List of amazing hotels opening in Saudi Arabia soon
Trending
-
News1 week ago
UAE Extends $30 Million Relief Package to Lebanese Citizens in Syria
-
Trends6 days ago
Reem al-Hashimy meets Israel’s first ambassador to the UAE as his tenure ends
-
Reports1 week ago
Sheikh Hamdan bin Mohammed Begins Official Visit to Kuwait, Strengthens UAE-Kuwait Ties
-
Trends6 days ago
Your guide to top free things to do in Doha in October