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10/17/24, 5:14 PM UAE's GDP Expected to Increase by $351 million in Under a Decade | Gulf Press
UAE’s GDP Expected to Increase by $351 million in Under a

Decade

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Last updated: 2024/10/05 at 10:54 PM

The UAE has recently exchanged a Comprehensive Economic Partnership Agreement (CEPA) with Serbia,
which is a signi cant milestone as it is the rst agreement under the UAE’s comprehensive economic

partnership programme with a country that is not a member of the World Trade Organisation. This
agreement includes a tari reduction and elimination of up to 96 per cent across customs tari lines,
setting it apart from agreements signed with WTO member countries. The initiative aims to boost non-

oil trade between the UAE and Serbia, highlighting the potential for economic growth and cooperation
between the two friendly nations.

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, emphasized the importance of this
agreement as it serves as a vital bridge to the Balkans and Southeast Europe, o ering signi cant

economic potential. The CEPA re ects the common ambition between the UAE and Serbia to enter a
new era of bilateral cooperation and stimulate sustainable growth in both economies. The agreement
seeks to enhance trade and investment ows between the two countries, promote private sector

partnerships, and facilitate knowledge exchange, opening doors for joint developmental projects in key
sectors such as logistics and food security.

According to Dr Al Zeyoudi, the CEPA is expected to boost the UAE’s GDP by $351 million by 2032. The

current non-oil bilateral trade between the UAE and Serbia stood at $122.9 million in 2023, with a
projected increase to $500 million over the next ve years. The UAE is the largest trading partner for
Serbia among the Gulf Cooperation Council (GCC) countries, accounting for 55 per cent of Serbia’s trade

with Gulf nations. The UAE also holds the position of the third-largest market for Serbian exports in the
Middle East and the fourth-largest trading partner for Serbia among Arab countries and Africa.

Foreign Direct Investment (FDI) between the UAE and Serbia has been on the rise, particularly in high-
priority sectors such as renewable energy, agriculture, food security, infrastructure, and logistics

services. This re ects the growing economic cooperation and partnership between the two countries,
showcasing mutual interests in areas of strategic importance. The UAE’s implementation of the
Comprehensive Economic Partnership Agreements Programme since 2021 is aligned with its growth

strategy to double the total value of foreign trade to Dh4 trillion by 2031, demonstrating a commitment
to fostering economic development and diversi cation.

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In conclusion, the CEPA between the UAE and Serbia marks a signi cant step in strengthening economic
ties and fostering cooperation between the two nations. With a focus on reducing tari s, promoting

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