UAE, Serbia strengthen economic partnership, exchange CEPA

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Serbian President Aleksandar Vučić witnessed the formal exchange of the comprehensive economic partnership agreement (CEPA) between the two nations, state news agency WAM reported.

This significant agreement aims to boost trade and investment flows while fostering collaboration between private sectors in both countries.

During the ceremony, Sheikh Mohamed emphasised the CEPA as a crucial milestone in the UAE-Serbia relationship. “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 stated.

Sheikh Mohamed also underscored Serbia’s strategic importance as a gateway to Eastern Europe, highlighting the shared vision of both nations to cultivate sustainable economic growth.

President Vučić echoed these sentiments, expressing optimism about the new avenues for economic cooperation that the CEPA will unveil.

He pointed out that the agreement will serve as a catalyst for diversification and prosperity in both economies.

The CEPA was exchanged in a formal ceremony by UAE Minister of State for Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi, and Serbia’s Minister of Internal and Foreign TradeTomislav Momirović.

The agreement is poised to deepen trade ties and investment opportunities, focusing on priority industries, creating jobs, and bolstering supply chains.

Once operational, the CEPA is expected to remove or reduce tariffs on numerous product lines, eliminate trade barriers, protect intellectual property rights, and support small and medium-sized enterprises.

The agreement also aims to facilitate mutual investment flows between the UAE and Serbia, paving the way for enhanced economic engagement.

UAE-Serbia trade is growing

This partnership builds upon the growing trade relationship between the UAE and Serbia, with the UAE currently ranking as the third-largest market for Serbian exports in the Middle East.

Foreign direct investment (FDI) has increasingly targeted key sectors such as renewable energy, agriculture, food security, infrastructure, and logistics.

UAE’s CEPA programme

Since its launch in September 2021, the CEPA programme has already established agreements across various regions, including the Middle East, Africa, Southeast Asia, South America, and Eastern Europe, impacting nearly a quarter of the global population.

In recent news, the UAE and New Zealand signed a CEPA, the latest deal in the Gulf state’s foreign trade agenda.

The pact seeks to advance bilateral trade flows, remove trade barriers, and improve market access for merchandise and service exports.