Page 685 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/17/24, 5:14 PM UAE-Serbia Cepa Set To Add $351M To GDP
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.

“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.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said the Cepa between
the UAE and Serbia features a tariff reduction and elimination of up to 96 per cent across

customs tariff lines, compared to some countries with which agreements have been signed,

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