Latest news with #CEPA
Fibre2Fashion
6 hours ago
- Business
- Fibre2Fashion
1st round of India-Chile CEPA negotiations concludes in New Delhi
India and Chile recently concluded the first round of negotiations for a comprehensive economic partnership agreement (CEPA) in New Delhi. The terms of reference for the agreement were signed on May 8 this year and the negotiations commenced on May 26. India and Chile recently concluded the first round of negotiations for a comprehensive economic partnership agreement in New Delhi. The terms of reference were signed on May 8 and the talks commenced on May 26. Discussions covered trade in goods and services; rules of origin; technical barriers to trade; customs procedures and trade facilitation; dispute settlement; and global value chains. Discussions covered trade in goods and services; rules of origin; sanitary and phytosanitary measures; technical barriers to trade; customs procedures and trade facilitation; initial provisions and general definitions; core and institutional provisions; dispute settlement; economic cooperation; global value chains; investment promotion and cooperation; and intellectual property rights. The CEPA aims to unlock the full potential of the trade and commercial relationship between India and Chile, boosting employment, bilateral trade, and economic growth. Indian commerce secretary Sunil Barthwal said during the opening ceremony of the talks that the agreement will pave the way for a deeper economic partnership and the creation of strengthened global value chains between the two countries, an official release said. The next round of negotiations is expected in July-August this year and will be preceded by inter-sessional discussions through virtual conferences to address outstanding issues. During his official visit to India in April this year, President of Chile Gabriel Boric Font had said India is a priority partner for Chile and highlighted the need to explore strategies for enhanced and diversified trade between the two countries. Both leaders had welcomed the initiation of negotiations towards a balanced, ambitious, comprehensive and mutually beneficial CEPA aimed at achieving deeper economic integration. The Chilean negotiating team was led by Pablo Urria, director for Asia & Oceanic at the secretariat of international economic relations in the ministry of foreign affairs of Chile. The Indian delegation was headed by Vimal Anand, joint secretary in the department of commerce. Fibre2Fashion News Desk (DS)
Arabian Business
13 hours ago
- Business
- Arabian Business
UAE and Serbia eye $351m trade relations as CEPA deal launches
The UAE and Serbia are looking to enhance economic relations as they eye $350m trade partnership following launch of a Comprehensive Economic Partnership Agreement (CEPA). The CEPA between the UAE and 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. UAE and Serbia CEPA trade deal Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said: '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 $121.4m in 2024, double the level of trade when compared to 2021, with projections indicating a substantial increase in bilateral trade that will contribute $351m to UAE GDP by 2031. This growth is anticipated through the elimination and reduction of custom duties for over 96 per cent of tariff lines, thereby enhancing market access and fostering a more conducive environment for private sector collaboration. Serbia is an important partner for the United Arab Emirates, 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 per cent 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 $1.1tn by 2031 and doubling the size of the economy to $800bn 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.
Sharjah 24
16 hours ago
- Business
- Sharjah 24
UAE-Serbia CEPA officially comes into force
A new era of bilateral economic cooperation 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." He emphasised the agreement's potential to create jobs, strengthen supply chains, and provide a thriving environment for businesses. Boosting non-oil trade and market access The UAE-Serbia CEPA aims to boost bilateral non-oil trade, which reached approximately US$121.4 million in 2024, double the volume of 2021. The agreement is expected to contribute US$351 million to UAE GDP by 2031. This is to be achieved by eliminating or reducing customs duties for over 96% of tariff lines, thereby enhancing market access. Serbia: A strategic gateway to Europe Serbia's strategic location and diversified economy make it a key partner for the UAE. The CEPA will enable increased trade and investments in critical sectors such as renewable energy, agriculture, logistics, and technology. With the UAE already accounting for 55% of Serbia's total trade with the GCC in 2023, the agreement is poised to deepen economic engagement. Driving UAE's global trade ambitions This agreement aligns with the UAE's broader CEPA strategy, which is central to its goal of increasing total non-oil trade to US$1.1 trillion and doubling the size of its economy to US$800 billion by 2031. A growing CEPA network The UAE-Serbia CEPA is the 10th agreement to officially come into force. In total, 27 CEPAs have been concluded with countries across the Middle East, Africa, Southeast Asia, South America, and Europe, reflecting the UAE's ongoing efforts to position itself as a global trade hub.
Mid East Info
21 hours ago
- Business
- Mid East Info
UAE-Serbia Comprehensive Economic Partnership Agreement Officially Comes into Force - Middle East Business News and Information
HE Al-Zeyoudi: '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.' Abu Dhabi –May 2025: 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. His Excellency 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 US$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 US$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 program is a cornerstone of the UAE's strategic growth objectives, aiming to increase total non-oil trade to US$1.1 trillion by 2031 and doubling the size of the economy to US$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.
Gulf Today
a day ago
- Business
- Gulf Today
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.' WAM
