Page 690 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/17/24, 5:14 PM UAE Signs First CEPA with Non-WTO Member Serbia
Europe, regions with significant economic potential. It also
reflects the shared ambition between the UAE and Serbia,
paving the way for a new era of bilateral cooperation and
sustainable economic growth.

Dr. Al Zeyoudi emphasized that the agreement aims to boost
trade and investment flows, strengthen cooperation, and foster
private sector partnerships. It also seeks to empower business
communities, promote investment, facilitate knowledge
exchange, and activate joint developmental projects in sectors
such as logistics and food security. The minister highlighted
that the agreement leverages Serbia's economic opportunities,
particularly in manufacturing, skilled labor, and abundant
mineral resources.

He projected that the agreement could add $351 million to the
UAE's GDP by 2032. Non-oil bilateral trade between the UAE
and Serbia stood at $122.9 million in 2023 and is expected to
reach $500 million within the next five years. The UAE is
currently Serbia's largest trading partner among the Gulf
Cooperation Council (GCC) countries, accounting for 55% of
Serbia's trade with Gulf nations. It is also the third-largest
market for Serbian exports in the Middle East and the fourth-
largest trading partner for Serbia in Arab countries and Africa,
according to 2023 data.

Dr. Al Zeyoudi noted that FDI between the two countries has
been increasing, particularly in high-priority sectors such as
renewable energy, agriculture, food security, infrastructure,
and logistics services. The Comprehensive Economic
Partnership Agreements Programme, initiated by the UAE
since late 2021, is a cornerstone of the country's growth
strategy, aiming to double the total value of foreign trade to
Dh4 trillion by 2031.

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