Page 694 - MOE ENGLISH PR REPORT - OCTOBER 2024

UAE GDP likely to increase by $351 million in less

than 10 years

Story by WAM
• 1w • 2 min read

Photo: WAM

UAE exchanged a Comprehensive Economic Partnership Agreement (CEPA) with Serbia, marking
the first agreement with a country that is not a member of the World Trade Organisation.

This agreement 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, all of which are WTO
members.

The minister added that the agreement contributes to leveraging the economic opportunities that
the Republic of Serbia possesses, particularly in terms of manufacturing capabilities, skilled
labour, and abundant mineral resources.

He expected that the agreement will add $351 million to the UAE's GDP by 2032. "The total non-oil
bilateral trade between the UAE and Serbia reached $122.9 million in 2023, and is expected to
reach $500 million in non-oil foreign trade with Serbia over the next five years."

https://www.msn.com/en-ae