Latest news with #bilateraltrade
Arabian Business
a day 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.
Associated Press
3 days ago
- Business
- Associated Press
Pakistan announces it will send an ambassador to Afghanistan to upgrade diplomatic ties
ISLAMABAD (AP) — Pakistan announced Friday that it is upgrading its diplomatic representation in neighboring Afghanistan from chargé d'affaires to the level of ambassador, a move aimed at improving bilateral relations between the two neighbors. The announcement by the Foreign Minister, Ishaq Dar, comes a week after he met his Afghan counterpart, Amir Khan Muttaqi, alongside China's top diplomat during a trilateral meeting in Beijing. Pakistan and the Afghan Taliban government have embassies in each other's capitals but they are led by chargés d'affaires. Like the international community, Pakistan has not recognized the Afghan Taliban government. There was no immediate comment from Kabul. However, Pakistan had earlier signaled that the two sides were considering an upgrade in diplomatic ties. In a statement, Dar said relations between Pakistan and Afghanistan have taken a positive turn since his visit to Kabul in April. 'To maintain this momentum, I am pleased to announce the decision of the Government of Pakistan to upgrade the level of its chargé d'affaires in Kabul to the level of ambassador,' he said. Dar expressed hope that the decision would strengthen economic cooperation, boost bilateral trade and enhance joint efforts to combat terrorism. Tensions between the two countries have long been strained over Pakistan's accusations that Kabul provides safe haven to Pakistani Taliban, who are known as Tehrik-e-Taliban Pakistan or TTP and are allies of the Afghan Taliban. TTP is a separate group and has been emboldened since the Afghan Taliban returned to power in Afghanistan in 2021.
Times of Oman
3 days ago
- Business
- Times of Oman
"Going very well": Piyush Goyal on negotiations between India, US to double bilateral trade
New Delhi: Indian Union Commerce and Industry Minister Piyush Goyal on Thursday said that the negotiations to double bilateral trade between India and the United States (US) to 500 billion dollars were going "very well." "During their meeting in February, PM Narendra Modi and President Donald Trump decided on a good bilateral trade agreement, in the best interest of both countries, which enables bilateral trade to reach $500 billion. We will work to make it negotiations are going on very well," Goyal told reporters here. The Union Minister further stated that India never interferes with the internal affairs of other countries and intends to have good economic ties with developed countries to create new opportunities for the youth and farmers. "India never interferes with the internal matters of other wants good economic ties with the developed countries so that new opportunities are developed for our youth, farmers, and employed classes," Goyal said. He said that the centre was working towards creating additional opportunities for startups and skilled manpower, including doctors and nurses. "We are dedicated to creating more opportunities for our startups, skilled manpower, doctors, and nurses by making good and balanced agreements with the developed countries of the world, like the free trade agreement and mobility agreements," Goyal added. Meanwhile, Goyal asserted that Operation Sindoor brought the entire nation together and also became a symbol of Aatmnirbhar Bharat (self-reliant India). He said it became a defining moment for the country's defence manufacturing capabilities under the major India program, showcasing India's capabilities before the world. "Operation Sindoor not only brought the whole nation together but also became a symbol of Aatmanirbhar Bharat. It became a defining moment for our defence manufacturing capabilities under the major India programme, showing the world what India can do, and also demonstrated to the world that India is a responsible nation," Goyal said.
Reuters
3 days ago
- Business
- Reuters
Canadian PM Carney speaks with Saudi's bin Salman
WASHINGTON, May 29 (Reuters) - Canadian Prime Minister Mark Carney spoke with Saudi Arabian Crown Prince Mohammed bin Salman on Thursday, according to a statement from Carney's office. "The leaders discussed energy security and deepening bilateral trade. They agreed on the imperative of a sustainable peace in the Middle East," the statement said.
Zawya
4 days ago
- Business
- Zawya
$30bln trade target as Oman-Iran bilateral ties deepen
Muscat – Oman and Iran are targeting a sharp increase in bilateral trade, aiming to grow the current volume of US$2bn to US$30bn within three years. The announcement was made during a high-level business meeting held at Al Alam Palace in Muscat, attended by Iranian President Dr Masoud Pezeshkian and Omani and Iranian business leaders. President Pezeshkian called for stronger links between economic corridors and ports in both countries to develop trade and investment cooperation with the aim of increasing the trade volume. He said Iran is ready to work with Oman across economic, scientific and cultural sectors, and emphasised the importance of facilitating financial transfers to support business operations. 'We are committed to building partnerships across multiple sectors and ensuring that the benefits are mutual,' he said, adding that Iran remains focused on promoting security and stability in the region while supporting the broader Muslim community. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, said Oman is working to diversify its economy under the guidance of His Majesty Sultan Haitham bin Tarik. He encouraged the Iranian delegation to explore opportunities in sectors such as renewable energy, tourism, logistics, food security and industry. 'Trade between Oman and Iran grew by over 50% last year, and the number of Iranian companies operating in Oman rose 70%,' the minister said. He cited the opening of an Iranian biopharmaceutical factory, a petrochemical plant and other industrial projects in Oman as examples of growing cooperation. He also highlighted the Sarooj Complex as a key Omani investment in Iran. Faisal bin Abdullah al Rowas, Chairman of Oman Chamber of Commerce and Industry (OCCI), said formation of the Omani-Iranian Joint Business Council has helped boost trade exchange and address challenges faced by business leaders in both countries. 'This meeting under the patronage of the leadership sends a clear signal of support for the private sector's role in building durable economic ties,' he said. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
