Latest news with #tradepartnership
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.
Jordan Times
20-05-2025
- Business
- Jordan Times
Jordan, Egypt discuss boosting economic, investment ties in Berlin meeting
President of the Jordan Chamber of Commerce Senator Khalil Hajj Tawfiq and Egypt's Minister of Investment and Foreign Trade Hassan Khatib hold talks in Berlin on Monday aimed at advancing bilateral economic, trade, and investment cooperation (Petra photo) AMMAN — President of the Jordan Chamber of Commerce (JCC) Senator Khalil Hajj Tawfiq and Egypt's Minister of Investment and Foreign Trade Hassan Khatib held talks in Berlin on Monday aimed at advancing bilateral economic, trade, and investment cooperation. The meeting, held on the sidelines of the 14th Arab-German Economic Forum, focused on unlocking the economic potential between the two countries by promoting strategic partnerships and facilitating joint investment ventures, the Jordan News Agency, Petra, reported. The two sides emphasised the importance of transitioning Jordanian-Egyptian relations into a comprehensive economic partnership, leveraging the 'long-standing' ties and complementary economic strengths of both countries. Khatib reaffirmed Egypt's commitment to encouraging private-sector collaboration and highlighted the need to build investment partnerships that serve mutual interests. He also stressed the role of the private sector in driving economic growth and job creation, calling for increased engagement between business institutions in both countries and more targeted promotion of available investment opportunities. Hajj Tawfiq reviewed the Economic Modernisation Vision (EMV) as the Kingdom's roadmap for growth and sustainability, aimed at attracting foreign investment and expanding economic sectors. He outlined recent reforms undertaken to improve Jordan's business climate, enhance competitiveness and facilitate investor entry. Hajj Tawfiq also pointed to regional partnership initiatives between Jordan and Egypt designed to support broader economic integration, citing the trilateral cooperation framework with Iraq as a platform for launching joint projects in infrastructure, energy, transport and electric grid interconnection. Highlighting the Kingdom's efforts to position itself as a regional logistics and investment hub, Hajj Tawfiq stressed JCC's commitment to expanding bilateral commercial ties and tapping into emerging opportunities across various sectors.
Yahoo
10-05-2025
- Business
- Yahoo
Mexican executives cheer Rowan for pushing U.S.-Mexico deal
Mexican business leaders and executives lauded statements from Apollo Global Management Inc. Chief Executive Marc Rowan emphasizing the need for a trade partnership between the U.S. and Mexico, which propelled a view that a global trade war could make the U.S.' southern neighbor a winner amid uncertainty. 'The U.S. and Mexico together should be the driving economic force in the world for the next 50 years,' Rowan said during a Bloomberg TV interview from the sidelines of the Milken Institute Global Conference in Beverly Hills on Monday. 'We have not been able to get there despite two or three rounds of massive free trade agreements,' he said. The topic of trade was at the forefront at the Milken conference, with U.S. Treasury Secretary Scott Bessent opening the conference by saying tariffs, tax cuts and deregulation are 'interlocking parts of an engine.' Later in the week, he said the U.S. was in talks with 17 major trade partners. 'Imagine coming to the world with Mexico and Canada resolved first, and then taking people piece by piece, country by country,' Rowan said during the Bloomberg TV interview. 'We would be in a much stronger position to do what we need to do, to reset the terms of trade.' Mexican executives cheered the comments from Rowan, who runs the $785-billion alternative asset manager, throughout the week, saying trade turmoil presented an opportunity for more integration between the U.S. and Mexico, especially as companies seek alternatives to China for manufacturing. The two economies are complementary as most trade is for products produced in both countries, said Emilio Cadena, CEO of Prodensa and chairman of the board of the U.S.-Mexico Foundation. 'There's almost perfect correlation, where for every manufacturing job created in Mexico, another is created in the U.S.,' Cadena said. 'The U.S. wants to recover leadership in manufacturing, and Mexico can be its great partner in that.' At Milken, Mexico was perceived as a strategic opportunity due to its proximity to the U.S., its young demographics and its large pension system, said Guadalupe Rodriguez, the chief investment officer at Mexican family office Talipot. She said Mexican investors made up a prominent voice in a closed-door session organized by Oaktree Capital Management, which included co-founders Bruce Karsh and Howard Marks. 'Mexico, we are the world's amigo,' Rodriguez later said during a panel alongside other institutional investors. Millan writes for Bloomberg. Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Sign in to access your portfolio
Bloomberg
08-05-2025
- Business
- Bloomberg
Mexican Leaders Cheer Apollo's Rowan for Pushing US-Mexico Deal
Mexican business leaders and executives lauded statements from Apollo Global Management Inc. Chief Executive Officer Marc Rowan emphasizing the need for a trade partnership between the US and Mexico, which propelled a view that a global trade war could make the US' southern neighbor a winner amid uncertainty. 'The US and Mexico together should be the driving economic force in the world for the next 50 years,' Rowan said during a Bloomberg TV interview from the sidelines of the Milken Institute Global Conference in Beverly Hills, California, on Monday.
BBC News
08-05-2025
- Business
- BBC News
Canada has been 'over reliant on the US for too long', says Joly
Canada has been 'over reliant on the US for too long', says Joly Canada's foreign minister Melanie Joly said her country wants to forge closer ties with the UK, EU and other nations US-Canada relations have been tense in recent months, after Trump imposed tariffs on Canada's auto, aluminium and steel industries, and said Canada would be better off as a US state. Her latest remarks come after she and Prime Minister Mark Carney met with US President Donald Trump in the Oval Office on Tuesday to talk about a new partnership. "We are the most European of all non-European countries," she told the BBC on Wednesday. "That's why we want to be closer to Europe." Canada has been "over reliant on the US for too long," and wants to forge closer ties with the UK and the EU, Canada's foreign minister Melanie Joly said. The meeting between Trump and Carney, however, appeared to go well, as the two agreed on a "fresh start" for the US-Canada relationship, Joly said. The foreign minister told the BBC on Wednesday that it was important for Canada to assert its sovereignty while putting itself in a position to negotiate a "new trade and security partnership" with its southern neighbour. "I think we're up to a good start," Joly said, but added: "We know that there is a lot of unpredictability coming out of the White House, and we know that we have to be ready and hold steady." While Trump praised Carney during and after the meeting, he did not indicate whether he would remove the tariffs he placed on Canada. Trump has imposed general tariffs of 25% on Canada and Mexico, and sector-specific import taxes on cars, some of which have been suspended pending negotiations. The US president, who accuses Canada of not doing enough to stop the flow of fentanyl south, levied similar duties on steel and aluminium. Joly said the tariffs caused widespread anxiety in Canada, and became the number one ballot question in the recent Canadian election. "Some have lost their jobs, and many families are affected," she said. "My job and the prime minister's job is to make sure that we defend them." Carney told reporters that he "pressed the case" to the US president on lifting tariffs, and found him to be "willing to have that negotiation". On Wednesday, the prime minister was back in Ottawa where he held a virtual meeting with the leaders of Canada's provinces to update them on his trip. Ontario premier Doug Ford told reporters that they congratulated Carney. "I don't think I'd have the restraint that he had, to be very frank, but in saying that, I think it's a good start on a new relationship," Ford said. Carney is now busy assembling his cabinet, which is expected to be unveiled next week ahead of Canada's parliament opening later this month. The prime minister invited King Charles III to formally open parliament on 27 May - the first time Canada's monarch has done so since 1977. The King's visit is yet another "clear signal" of Canada's sovereignty, Joly said. Canada also plans to host the G7 summit in June, which Trump is expected to attend.
