Latest news with #ThanibinAhmedAlZeyoudi
Mid East Info
4 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.
Al Etihad
7 hours ago
- Business
- Al Etihad
UAE-Serbia Comprehensive Economic Partnership Agreement officially comes into force
31 May 2025 17:07 ABU DHABI (WAM) 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 agreement is set to foster enhanced trade and investment flows, paving the way for collaboration across a wide variety of priority 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 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 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 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.
Dubai Eye
2 days ago
- Business
- Dubai Eye
UAE, EU hold talks on trade agreement
The UAE and European Union have held talks on the Comprehensive Economic Partnership Agreement (CEPA) that will deepen trade ties and open opportunities for investment and innovation. The proposed UAE-EU CEPA aims to remove trade barriers, enhance market access for goods and services, and create investment in priority sectors. During the investment roundtable, representatives from the UAE and the European private sectors explored mutual investment opportunities, particularly those aimed at fostering innovation and sustainable development. Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, emphasised the importance of the CEPA with the EU, adding that it "represents an extraordinary opportunity... to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity". "By working together, we will strengthen our supply chains, drive innovation, and create jobs that will benefit our communities and economies for many years to come." Commenting on the negotiations, EU Commissioner for Trade and Economic Security Maroš Šefčovič said: 'A bilateral FTA would unlock tremendous business opportunities for European and Emirati businesses alike. Our aim is to reach an ambitious deal — one that brings lasting benefits and commercial predictability.' The EU currently accounts for 8.3 per cent of the UAE's non-oil trade, which reached $67.6 billion in 2024 - an increase of 3.6 per cent from the previous year. Foreign direct investment between the two is strong, with recent UAE partnerships spanning data centres in Italy, solar energy in Spain and urban redevelopment in Budapest. Looking ahead, the CEPA could facilitate further high-impact deals, including a proposed $50 billion AI data centre collaboration with France and a $40 billion investment in Italy's energy and defence sectors. The UAE's CEPA programme is central to its foreign trade strategy, designed to boost economic diversification through open, rules-based trade. In 2024, the initiative contributed to record non-oil trade of $816 billion — a 14.6 per cent year-on-year increase.
United News of India
3 days ago
- Business
- United News of India
EU, UAE launch free trade talks amid US tariff pressure
Brussels, May 28 (UNI) The European Union (EU) and the United Arab Emirates (UAE) have formally launched negotiations for a bilateral Free Trade Agreement (FTA), marking a potential breakthrough towards the EU's first comprehensive trade deal in the Gulf region, said the European Commission on Wednesday. This initiative also aims to expand further the EU's global trade network, which currently comprises 44 agreements with 76 countries, said the Commission. According to a press release of the Commission, Commissioner for Trade and Economic Security Maros Sefcovic and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi met in Dubai to reaffirm their shared vision for the agreement and agree on a roadmap, with substantive work expected to begin as early as June. The first meetings of negotiating teams will focus on reducing tariffs on goods and facilitating services, digital trade and investment flows. Talks will also explore ways to boost trade in strategic sectors, such as renewable energy, green hydrogen and critical raw materials. Sefcovic emphasized that a bilateral FTA would unlock "tremendous business opportunities" for both European and Emirati enterprises, while also bolstering the EU's regional engagement with Gulf Cooperation Council (GCC) member states. European Commission President Ursula von der Leyen hailed the launch of the talks as a "significant milestone," noting that the agreement would deepen EU-Gulf ties, create new opportunities for European businesses, and strengthen cooperation in key areas such as renewable energy and digital technologies. To address the uncertainty of US trade policy, the EU is strengthening cooperation with other economies to promote trade diversification and reduce its reliance on the United States. Last Friday, US President Donald Trump announced that he is "recommending a straight 50 percent Tariff on the EU, starting on June 1, 2025." But after a phone call with von der Leyen on Sunday, he agreed to postpone the planned tariff increase until July 9. On Tuesday, Trump welcomed the EU's decision to proceed with negotiations, calling it a positive step, but he again warned that he would enforce trade measures if a deal is not reached. UNI XINHUA AKT BM
The Star
3 days ago
- Business
- The Star
EU, UAE launch free trade talks amid U.S. tariff pressure
BRUSSELS, May 28 (Xinhua) -- The European Union (EU) and the United Arab Emirates (UAE) have formally launched negotiations for a bilateral Free Trade Agreement (FTA), marking a potential breakthrough towards the EU's first comprehensive trade deal in the Gulf region, said the European Commission on Wednesday. This initiative also aims to expand further the EU's global trade network, which currently comprises 44 agreements with 76 countries, said the Commission. According to a press release of the Commission, Commissioner for Trade and Economic Security Maros Sefcovic and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi met in Dubai to reaffirm their shared vision for the agreement and agree on a roadmap, with substantive work expected to begin as early as June. The first meetings of negotiating teams will focus on reducing tariffs on goods and facilitating services, digital trade and investment flows. Talks will also explore ways to boost trade in strategic sectors, such as renewable energy, green hydrogen and critical raw materials. Sefcovic emphasized that a bilateral FTA would unlock "tremendous business opportunities" for both European and Emirati enterprises, while also bolstering the EU's regional engagement with Gulf Cooperation Council (GCC) member states. European Commission President Ursula von der Leyen hailed the launch of the talks as a "significant milestone," noting that the agreement would deepen EU-Gulf ties, create new opportunities for European businesses, and strengthen cooperation in key areas such as renewable energy and digital technologies. To address the uncertainty of U.S. trade policy, the EU is strengthening cooperation with other economies to promote trade diversification and reduce its reliance on the United States. Last Friday, U.S. President Donald Trump announced that he is "recommending a straight 50 percent Tariff on the EU, starting on June 1, 2025." But after a phone call with von der Leyen on Sunday, he agreed to postpone the planned tariff increase until July 9. On Tuesday, Trump welcomed the EU's decision to proceed with negotiations, calling it a positive step, but he again warned that he would enforce trade measures if a deal is not reached.
