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Arabian Business
3 days 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.
Arabian Business
14-05-2025
- Business
- Arabian Business
UAE and Jordan CEPA deal to boost non-oil trade to over $8bn
The UAE and Jordan will see Comprehensive Economic Partnership Agreement (CEPA) officially come into effect on Thursday, May 15, heralding a new era of economic cooperation. This landmark agreement is the first CEPA signed between the UAE and an Arab nation, aimed at enhancing trade and investment ties, stimulating growth in key sectors, and empowering small and medium-sized enterprises (SMEs). With the CEPA entering into force, the two nations aim to boost bilateral non-oil trade to more than $8bn by 2032. UAE and Jordan trade deal This follows impressive year-on-year growth between 2023 and 2024 of 34.1 per cent, with non-oil trade between the two nations reaching approximately $5.62bn in 2024. This agreement will eliminate or reduce tariffs and remove trade barriers, enhancing market access and strengthening regional and global supply chains. Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said: 'This agreement signifies a new era of collaboration, enhancing our economic ties and creating a framework for shared growth and prosperity. 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.' Jordan has been a vital partner for the UAE for many years, with bilateral non-oil trade experiencing tremendous growth over the last decade, increasing by 138 per cent. The UAE is Jordan's fifth-largest trading partner globally, while the UAE remains the largest foreign investor in Jordan, with mutual investments estimated at approximately $22.5bn. The CEPA is expected to create significant opportunities across various sectors, including renewable energy, pharmaceuticals, logistics, and tourism. Jordan's highly-skilled workforce and strong industrial base, particularly in the production of phosphates, textiles, and pharmaceuticals, complements the UAE's expertise in energy, infrastructure, and finance, fostering a collaborative environment that enhances the global reach of both nations. The agreement was finalised following three rounds of negotiations, highlighting the shared commitment of both countries to quickly realize the benefits of the new agreement. The CEPA will also support SMEs by reducing trade restrictions and offering platforms for collaboration that will empower the next generation of entrepreneurs and innovators and ensure that the economic benefits are widely shared. The CEPA programme is a vital element of the UAE's economic growth strategy, highlighting its commitment to establishing strong global trade partnerships. The United Arab Emiratesaims to double its economy to $800bn by 2030 and achieve over $1.1tn in total non-oil trade value by 2031. The programme significantly contributed to the UAE's record non-oil trade of $816bn in 2024, reflecting a 14.6 per cent increase from 2023.
Emirates 24/7
14-05-2025
- Business
- Emirates 24/7
UAE-Jordan Comprehensive Economic Partnership Agreement to come into force
The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and the Hashemite Kingdom of Jordan will officially come into effect tomorrow, heralding a new era of economic cooperation. This landmark agreement is the first CEPA signed between the UAE and an Arab nation, aimed at enhancing trade and investment ties, stimulating growth in key sectors, and empowering small and medium-sized enterprises (SMEs). With the CEPA entering into force tomorrow, the two nations aim to boost bilateral non-oil trade to over US$8 billion by 2032. This follows impressive year-on-year growth between 2023 and 2024 of 34.1 percent, with non-oil trade between the two nations reaching approximately US$5.62 billion in 2024. This agreement will eliminate or reduce tariffs and remove trade barriers, enhancing market access and strengthening regional and global supply chains. Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, stated, 'This agreement signifies a new era of collaboration, enhancing our economic ties and creating a framework for shared growth and prosperity. 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.' Jordan has been a vital partner for the UAE for many years, with bilateral non-oil trade experiencing tremendous growth over the last decade, increasing by 138 percent. The UAE is Jordan's fifth-largest trading partner globally, while the UAE remains the largest foreign investor in Jordan, with mutual investments estimated at approximately US$22.5 billion. The CEPA is expected to create significant opportunities across various sectors, including renewable energy, pharmaceuticals, logistics, and tourism. Jordan's highly-skilled workforce and strong industrial base, particularly in the production of phosphates, textiles, and pharmaceuticals, complements the UAE's expertise in energy, infrastructure, and finance, fostering a collaborative environment that enhances the global reach of both nations. The agreement was finalized following three rounds of negotiations, highlighting the shared commitment of both countries to quickly realize the benefits of the new agreement. The CEPA will also support SMEs by reducing trade restrictions and offering platforms for collaboration that will empower the next generation of entrepreneurs and innovators and ensure that the economic benefits are widely shared. The CEPA programme is a vital element of the UAE's economic growth strategy, highlighting its commitment to establishing strong global trade partnerships. The UAE aims to double its economy to US$800 billion by 2030 and achieve over US$1.1 trillion in total non-oil trade value by 2031. The programme significantly contributed to the UAE's record non-oil trade of US$816 billion in 2024, reflecting a 14.6 percent increase from 2023. With 27 concluded agreements, the CEPA programme expands access for UAE businesses to over a quarter of the world's population. Follow Emirates 24|7 on Google News.
