UAE-Serbia CEPA officially comes into force
The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and the Republic of Serbia has officially come into force, marking a significant milestone in the deepening of economic ties between the two nations. The agreement is set to foster enhanced trade and investment flows, paving the way for collaboration across a wide variety of priority sectors.
Dr Thani Bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, expressed his enthusiasm regarding the CEPA's implementation, stating, 'The activation of the UAE-Serbia CEPA heralds a new chapter in our economic relations, creating new avenues for collaboration, investment and trade that will benefit both our nations. 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.'
The UAE-Serbia CEPA aims to boost bilateral non-oil trade, which reached approximately $121.4 million in 2024, double the level of trade when compared to 2021, with projections indicating a substantial increase in bilateral trade that will contribute $351 million to UAE GDP by 2031. This growth is anticipated through the elimination and reduction of custom duties for over 96% of tariff lines, thereby enhancing market access and fostering a more conducive environment for private sector collaboration.
Serbia is an important 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 UAE is Serbia's leading trading partner in the GCC, accounting for approximately 55% of its total trade with the region in 2023. The bilateral relationship has been further strengthened by increasing flows of FDI, which has been directed towards high-growth sectors, enhancing shared economic interests. With the CEPA now ratified and officially in force, both nations can leverage the agreement to foster economic growth and create opportunities that will benefit their citizens.
The CEPA programme is a cornerstone of the UAE's strategic growth objectives, aiming to increase total non-oil trade to $1.1 trillion by 2031 and doubling the size of the economy to $800 billion by 2031.
The UAE-Serbia CEPA is the 10th to come into force, with 27 in total having been concluded so far with countries spanning the Middle East, Africa, Southeast Asia, South America and Europe.
In October 2024, Dr Thani Bin Ahmed Al Zeyoudi affirmed that the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the Republic of Serbia marks the first agreement under the UAE's comprehensive economic partnership programme 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. This initiative comes in light of the significant potential to increase non-oil trade between the two friendly countries, Dr Al Zeyoudi told the Emirates News Agency (WAM) following the exchange of the CEPA between the two countries. Dr Al Zeyoudi said the agreement constitutes a vital bridge to the Balkans and the Southeast Europe with great economic potential, adding that it reflects the common ambition between the UAE and Serbia and contributes to launching a new era of bilateral cooperation and stimulating sustainable growth of the economies of both countries.
He noted that the agreement aims to stimulate trade and investment flows between the two countries, bolster cooperation, and build private sector partnerships in both friendly countries. It also seeks to empower business communities, promote investment, and facilitate knowledge exchange, as well as activate opportunities for joint developmental projects in important sectors such as logistics and food security.
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.
The minister pointed out that the UAE is Serbia's largest trading partner among the Gulf Cooperation Council (GCC) countries, accounting for 55 percent of Serbia's trade with Gulf nations. 'The UAE is currently the third-largest market for Serbian exports in the Middle East and the fourth-largest trading partner for Serbia among Arab countries and Africa, according to 2023 data.'
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