Latest news with #Cepa
The National
3 days ago
- Business
- 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."
The National
14-05-2025
- Business
- The National
UAE-Jordan Cepa to come into effect on Thursday
The comprehensive economic partnership agreement between the UAE and Jordan will come into effect on Thursday, with the deal expected to boost bilateral trade between the nations to more than $8 billion by 2032. The UAE's ninth Cepa, initially signed in October, will eliminate or reduce tariffs, remove trade barriers and boost market access, and marks a "new era of collaboration", said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, in a statement on Wednesday. It is also expected to enhance regional and global supply chains, "creating a framework for shared growth and prosperity", he added. Cepas 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. The Cepa with Jordan follows the signing of agreements between the two countries for a $2.3 billion railway investment project to link the port of Aqaba with the mining regions of Al Shidiya and Ghor es-Safi. The deals are part of an investment package worth about $5.5 billion that Jordan signed with the UAE during the 2023 state visit of King Abdullah II to Abu Dhabi. Both the UAE and Jordan share expertise in sectors including energy, infrastructure, transport and finance, Dr Al Zeyoudi said. The Emirates also aims to benefit from Jordan's robust industrial base, particularly in the phosphate, textiles and pharmaceutical sectors. "Jordan has long been a valued partner for the UAE and, through this Cepa, we are poised to unlock numerous opportunities that will benefit both nations," the minister said. Bilateral non-oil trade between the two countries jumped by about 138 per cent in the past decade. The UAE is Jordan's fifth-largest trading partner globally and remains its largest foreign investor, with mutual investments pegged at about $22.5 billion, according to government data. Jordan's economy has remained resilient amid regional security risks and a cut in assistance from the US Agency for International Development, resulting in a stable outlook for the aid-reliant economy, ratings agency S&P Global had said in March. New York-based S&P forecasts Jordan's economic growth at 2.7 per cent in 2025, provided regional security situation stabilises, tourism recovers and trade with Syria and Iraq starts to rise gradually. Tourism alone contributes about 15 per cent to the kingdom's GDP, about three quarters of which comes from Arab visitors, the agency added. Fitch Ratings, however, expects a lower 2.1 per cent expansion this year, down from 2.2 per cent last year, citing the kingdom's dependence on US exports among Middle East and North African countries, making it the region's most exposed nation to US tariffs.
The National
30-04-2025
- Business
- The National
President Sheikh Mohamed meets leader of Ecuador in Abu Dhabi
President Sheikh Mohamed received President Daniel Noboa of Ecuador on Wednesday for talks in Abu Dhabi. During the meeting at Al Shati Palace, the leaders discussed efforts to enhance bilateral ties and with a focus on the economy, trade, renewable energy, sustainability, investment and tourism, state news agency Wam reported. Sheikh Mohamed congratulated Mr Noboa on winning a new presidential term, which was confirmed after a run-off vote earlier this month, and wished him success for the future. The two men also stressed the importance of working for peace and stability at both a regional and international level. Sheikh Mohamed said the UAE was keen to strengthen its economic partnerships with Latin America. Relations between the Emirates and Ecuador are developing well, he added. Mr Noboa thanked Sheikh Mohamed for hosting the meeting and stressed Ecuador's keenness to strengthen relations with the UAE. In April 2024, the UAE and Ecuador began talks over a proposed Comprehensive Economic Partnership Agreement (Cepa) to further bolster trade links. In 2023, non-oil bilateral trade between the UAE and Ecuador reached $675 million, marking a 76 per cent annual increase and more than tripling the figures recorded in 2021.
Khaleej Times
13-04-2025
- Business
- Khaleej Times
India and the UAE: A partnership of global consequence
Relations between the UAE and India have entered what could perhaps be described as amrit kaal or a golden era. Once defined by historical ties in trade and energy, the partnership has matured into a broad-based strategic partnership — one that is a model for cross-border engagement in a multipolar world. The recent meeting in New Delhi between Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE and India's Prime Minister Narendra Modi was not merely ceremonial. It was emblematic of a relationship that has outgrown the confines of conventional diplomacy to become a forward-looking partnership driven by a shared vision — in technology, sustainability, connectivity, and space. What we are witnessing is not just bilateral cooperation but a recalibration of how two dynamic economies can align their strengths to shape global outcomes. As someone who views this not merely through the lens of geopolitics but through lived experience, I had the privilege of being part of the business delegation at this landmark event — engaging with peers from both nations, all committed to scripting the next chapter of this extraordinary partnership. From trade to strategic synergy India and the UAE share centuries of history — commercial, cultural, and civilisational. But in recent years, the ties have deepened into a strategic partnership that is broader in scope and ambitious in scale. The Comprehensive Economic Partnership Agreement (Cepa), signed in 2022, has already borne fruit. Bilateral trade has surged past $85 billion, placing the UAE as India's third-largest trading partner. With the reduction of tariffs and removal of regulatory bottlenecks, trade is expected to cross $100 billion by 2030 — a milestone propelled by visionary governance on both sides. As a company born in India and now a global leader in trusted technology services, VFS Global has been a first-hand witness to this transformation. What was once a relationship rooted in energy and remittances has expanded to include renewable energy, digital technology, defence, infrastructure, tourism, and security. The breadth and depth of engagement are, by any standards, unprecedented. India's External Affairs Minister, Dr. S. Jaishankar, quite rightly called this the 'era of new milestones' in India-UAE relations. Complementary strengths, common purpose Few bilateral partnerships exhibit the complementarity that India and the UAE enjoy. The UAE embodies a rare capacity for speed and precision — an 'Inception to Execution' culture that brings ambitious ideas to life with clarity and purpose. India, meanwhile, offers the muscle of frugal innovation and scale, leveraging a vast talent pool and a resilient entrepreneurial ecosystem to build businesses that serve not just millions, but billions. It is this two-way exchange of capabilities — of ideas, institutions, and implementation — that will define the next decade of cooperation. The UAE's appetite for global excellence and India's ability to deliver it at scale form the crux of an emerging powerhouse partnership. Technology as the new keystone While hydrocarbons, trade, and investment have long been pillars of the relationship, the future lies firmly in the digital domain. Both countries are investing heavily in next-generation technologies: artificial intelligence, fintech, digital public infrastructure, and smart cities. The Cepa has accelerated bilateral trade, but the next wave of growth will be driven by shared digital ecosystems and technology-led innovation. At VFS Global, we see this future unfolding daily. From biometric authentication to AI-driven customer experiences and seamless digital interfaces, technology is redefining how we connect people to services — and nations to opportunity. India's rising stature in global tech, paired with the UAE's ambition to be a hub of digital innovation, creates fertile ground for joint enterprise. Companies that can operate at this intersection will be best positioned to thrive in the coming years. A bridge between worlds As VFS Global continues to expand its international footprint, our own journey speaks to the possibilities this partnership unlocks. We are proud of our Indian roots, privileged to call Dubai our global headquarters, and committed to a future where cross-border cooperation fuels innovation and inclusive growth. The India-UAE partnership is more than a just an economic success story. It has deepened cultural ties with millions of Indians calling the UAE home. During the Covid crisis, we observed mutual empathy through repatriation flights, knowledge transfer, and medical aid. More recently, the world has begun to look at the UAE as a leading nation in interfaith harmony The opening of the BAPS Mandir in Abu Dhabi is a testament to this. It is an emerging global template — a demonstration of how nations, businesses, and people can co-create progress that transcends borders. For entrepreneurs, investors, and innovators in both countries, the message is unmistakable: this is a moment to dream ambitiously, build globally, and act boldly. The foundations are in place — and the world is watching. The writer is Founder and Chief Executive Officer, VFS Global Group.
Trade Arabia
13-04-2025
- Business
- Trade Arabia
DP World launches new free trade warehousing zone in Mumbai
DP World, a global leader in logistics and supply chain solutions, has announced the opening of its free trade warehousing zone - Nhava Sheva Business Park (NSBP) - in India's commercial capital Mumbai. The Nhava Sheva Business Park offers 1 million sq ft of warehousing space with another one million in the planning stage. With this, DP World has developed three world-leading free trade warehousing zones in India at an investment of over $200 million. The other two are in the south of the country - Integrated Chennai Business Park in Tamil Nadu and the Cochin Economic Zone at Kochi, Kerala. Strategically located close to India's coasts, they offer advanced infrastructure, flexible warehousing, ease of regulations, and seamless value-added services, making operations simpler. The NSBP offers 1 million sq ft of warehousing space, with another one million in the planning stage. It offers specialised and temperature-controlled spaces, catering to diverse industry needs. As part of DP World's global network of 12 free trade warehousing zones, the NSBP enhances India-UAE trade by cutting costs, improving efficiency, and boosting supply chain competitiveness. These three Indian free trade warehousing zones are well integrated with DP World's Jebel Ali Free Zone (Jafza) facilitating seamless cargo movement and strengthening global trade connectivity for India and the UAE. The new zone was inaugurated by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence of the UAE during his official visit to the country. He later toured the facility accompanied by DP World Group Chairman and CEO Sultan Ahmed bin Sulayem where he was briefed on the various operations, value added services, and customised services deployed to enhance the efficiency of the free trade warehousing zone. Speaking on the occasion, Sheikh Hamdan said: "The UAE and India share a long-standing and deep-rooted economic partnership. The establishment of world-class logistics infrastructure, such as the NSBP not only strengthens the trade connectivity between our nations but also reinforces our shared vision for growth, innovation, and sustainability." Bin Sulayem said DP World was committed to building infrastructure that powers global trade. "Our investment in NSBP further strengthens our infrastructure network in India and will enable us to meet the evolving needs of our large and growing customer base in the country and in the region," he stated. "The Comprehensive Economic Partnership Agreement (Cepa) between the UAE and India is already accelerating bilateral trade, and the Free Trade Warehousing Zones network will ensure greater efficiency, sustainability, and scale," he added. During the facility's inauguration, 35 women recruited from local communities worked the shift -reflecting DP World's efforts to generate employment in the regions where it operates. This initiative aligns with the company's broader diversity, equity, and inclusion (DEI) objectives in India, aimed at increasing female representation and fostering a more inclusive work environment within the logistics sector. It also supports DP World's strategic vision for the SCO region, promoting women-staffed warehouses across its operations.
