Page 655 - MOE ENGLISH PR REPORT - OCTOBER 2024

boost bilateral non-oil trade to $500 million over the next five years from the $122.9 million in 2023,
while paving the way for increased trade and investment flows and bilateral private sector
collaboration.
President His Highness Sheikh Mohamed bin Zayed Al Nahyan, who witnessed the signing of the
agreement on Saturday in Belgrade said the deal "paves the way for a new era of economic
cooperation and affirms our shared commitment to fostering lasting growth and prosperity for our
countries and people."

The UAE's Cepa programme is expected to boost the country's exports by 33 per cent and
contribute more than Dh153 billion to its gross domestic product by 2031. The UAE, which aims to
sign 26 Cepa deals, has already signed trade treaties with India, Turkey, Israel, Cambodia and
Georgia, while talks are underway with Japan, Malaysia, New Zealand and Ecuador.

This month, the UAE and Malaysia are expected to sign the free trade agreement following months
of negotiations during the upcoming UAE visit of Malaysian Prime Minister Anwar Ibrahim. Cepa,
which the UAE has been implementing since the end of 2021, is a fundamental pillar of the
country’s growth strategy, which aims to double the total value of foreign trade to Dh4 trillion by
2031.

Sheikh Mohamed commended the exchange of the Cepa as a key milestone in the relations
between the UAE and Serbia.

ADVERTISING

“The Cepa exchange with Serbia is a notable step forward in our efforts to create a network of trade
agreements that will accelerate investment, promote knowledge-sharing, and create opportunities
for joint ventures in high-growth sectors,” he said.
“Serbia represents an important addition to the CepaA program and a bridge into the high-potential
region of Eastern Europe. The UAE-Serbia CEPA reflects our shared ambition to establish a new era
of collaboration between our nations and unlock long-term, sustainable growth for both our
economies.”

The Serbian President Aleksandar Vučić expressed confidence that the agreement would pave the
way for new opportunities in economic cooperation and diversification, fostering sustainable
growth and prosperity for both nations.

Once implemented, the UAE-Serbia Cepa is expected to remove or reduce duties on product lines,
lift unnecessary barriers to trade, protect intellectual property rights, support small and medium-
sized companies, and facilitate mutual investment flows.

The UAE is the third-largest market for Serbian exports in the Middle East, and increased FDI has
been directed toward high-priority sectors, including renewable energy, agriculture, food security,
infrastructure, and logistics.

https://www.khaleejtimes.com/business/economy/uae-serbia-cepa-set-to-add-351m-to-gdp