Page 647 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/18/24, 9:57 AM UAE and Serbia Forge Landmark Trade Agreement
link to the Balkans and Southeast Europe, thereby fostering a new era of bilateral

cooperation and sustainable economic growth.

The agreement aims to stimulate trade and investment flows, strengthen collaboration, and

build partnerships in the private sector. Key objectives include empowering business
communities, promoting investments, facilitating knowledge exchange, and activating joint

developmental projects in vital sectors such as logistics and food security.

Dr. Al Zeyoudi highlighted Serbia's manufacturing capabilities, skilled labor force, and

abundant mineral resources as vital economic opportunities to be leveraged through this

partnership. He projected that the agreement could contribute an estimated $351 million to

the UAE’s GDP by 2032.

In 2023, non-oil bilateral trade between the UAE and Serbia reached $122.9 million, with

expectations to increase to $500 million in the next five years. Notably, the UAE remains
Serbia's largest trading partner in the Gulf Cooperation Council (GCC), accounting for 55%

of Serbia’s trade with Gulf countries.

The CEPA aligns with the UAE's broader strategy, which aims to double its foreign trade

value to AED 4 trillion by 2031.

News Source: Emirates News Agency

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