UAE's Etihad Credit Insurance reports over 15% jump in insured turnover to AED 16.2bn in 2024
The two have signed a MoU on this, which, among other things, sets out a framework for the ministry to facilitate trade and investment meetings through its diplomatic missions abroad
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The National
4 hours ago
- The National
UAE-Serbia trade to accelerate as Cepa comes into effect
The Comprehensive Economic Partnership Agreement between the UAE and Serbia came into force on Saturday, as the Emirates continues to strengthen its trade relations globally. The UAE's 10th Cepa is expected to boost trade and investment flows, and remove or significantly reduce tariffs, which will all lay the foundations for enhanced co-operation across a spectrum of critical industries, the Ministry of Foreign Trade said in a statement on Saturday. The deal is also leading to projections that bilateral trade between the two nations will contribute around $351 million to the UAE's gross domestic product by 2031, it added. The UAE is Serbia's leading trading partner in the Gulf, accounting for approximately 55 per cent of its total trade with the region in 2023, according to government data. The UAE-Serbia Cepa is another "new chapter in our economic relations, creating new avenues for collaboration, investment and trade that will benefit both our nations", Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, said in the statement. "Through this agreement we are committed to unlocking significant opportunities that will create jobs, strengthen supply chains and facilitate a thriving environment for businesses in both countries," he added. Cepas that the UAE has already signed with nations from Colombia to Australia have contributed Dh135 billion ($36.8 billion) to the country's non-oil trade, an increase of 42 per cent compared with the previous year, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said previously. The UAE's non-oil foreign trade hit a record Dh3 trillion last year − up 14.6 per cent year-on-year − as the country continues to diversify its economy and forges closer trade ties with countries around the world. The Cepa programme is key for the UAE's economic growth. The Arab world's second largest economy aims to boost its gross domestic product to $800 billion by 2030, with a target of more than $1.1 trillion in total non-oil trade by 2031. Overall, the UAE has concluded 27 deals as part of the Cepa initiative. In 2025 alone, and counting Serbia's, the UAE has signed seven new deals with Malaysia, New Zealand, Kenya, Ukraine, Central African Republic, Costa Rica and Mauritius. The UAE and EU are also in discussions for a Cepa, with both sides moving closer to an agreement, Maros Sefcovic, EU Commissioner for Trade and Economic Security, told The National this week. The UAE's Cepa with Serbia is projected to further boost non-oil trade between the two countries, which hit about $121.4 million in 2024, twice that compared to 2021 levels, according to government data. Serbia is positioned as a key partner for the UAE, with its diverse economy and strategic location providing a vital gateway into Eastern Europe and the Balkans. "The Cepa is expected to not only enhance trade but also increase private sector collaboration and promote investments in priority sectors such as renewable energy, agriculture, logistics and technology," the statement said. The bilateral relationship has been further strengthened by increasing flows of FDI [foreign direct investment], which has been directed towards high-growth sectors, enhancing shared economic interests."
Khaleej Times
5 hours ago
- Khaleej Times
Saudi foreign minister meets Syrian President Al Sharaa during official visit
Saudi Foreign Minister Prince Faisal bin Farhan met Syrian President Ahmed Al Sharaa during an official visit on Saturday, May 31, Al Arabiya reported. Prince Faisal, who arrived in the capital Damascus, is leading a high-level economic delegation aimed at bolstering bilateral cooperation with Syria. The delegation includes Mohammed bin Mazyad Al Tuwaijri, Advisor at the Royal Court, Abdulmohsen bin Saad Al Khalaf, Deputy Minister of Finance, Dr. Abdullah bin Ali Al-Dubaikhi, Assistant Minister of Investment, Abdullah bin Fahd bin Zarah, Undersecretary of the Ministry of Foreign Affairs for Economic and Development Affairs. This visit comes amid ongoing regional efforts to reintegrate Syria into the Arab diplomatic fold and foster long-term stability and development in the region. In April, Al Sharaa had met UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi. The UAE President reiterated the UAE's firm position towards supporting Syria's unity, sovereignty and territorial integrity. Earlier in May, the United States lifted comprehensive economic sanctions on Syria, marking a dramatic policy shift following the end of Bashar al-Assad's regime and opening the door for new investment in the war-torn country. Saudi Arabia
Khaleej Times
8 hours ago
- Khaleej Times
Trump says US 'very close to making deal with India', trade talks with Pakistan next week
US President Donald Trump said on Friday representatives from Pakistan are going to the United States next week as the South Asian country seeks to make a deal on tariffs. Pakistan faces a potential 29% tariff on its exports to the United States due to a $3 billion trade surplus with the world's biggest economy, under tariffs announced by Washington last month on countries around the world. Trump said he would have no interest in making a deal with the South Asian country or its neighbor, India, if they were to engage in war with each other. The two nuclear-armed rivals used fighter jets, missiles, drones and artillery in four days of clashes this month, their worst fighting in decades. "As you know, we're very close making a deal with India," Trump told reporters at Joint Base Andrews after departing Air Force One. Indian Trade Minister Piyush Goyal visited Washington recently to advance trade talks, with both sides aiming to sign an interim agreement by early July. India faces 26% tariffs on shipments to the US Reuters reported last week that India is likely to allow US firms to bid for contracts worth over $50 billion, mainly from federal entities, as it negotiates a trade deal with Washington.
