According To Amac News: The UAE-Serbia Comprehensive Economic Partnership Agreement will add $351 million to the UAE's GDP by 2032, Al Zeyoudi said.
The agreement includes tariff reductions and the elimination of up to 96 percent in customs tariff lines, compared to some of the countries with which the agreement was signed, all of which are members of the World Trade Organization, according to the UAE's foreign minister.
He noted that the aim of the agreement is to stimulate trade and investment flows between the two countries, strengthen cooperation and establish private sector partnerships in both friendly countries.
The two sides seek to empower business communities, promote investment and facilitate knowledge exchange, as well as activate opportunities for joint development projects in critical sectors such as logistics and food security.
He expected the agreement to add $351 million to the UAE's GDP by 2032. Total bilateral non-oil trade between the UAE and Serbia reached $122.9 million in 2023, and non-oil foreign trade with Serbia is expected to reach $500 million over the next five years.
Al Zeyoudi noted that the UAE is Serbia’s largest trading partner among the Gulf Cooperation Council countries, accounting for 55 percent of Serbia’s trade with Gulf countries. According to 2023 data, the UAE is currently Serbia’s third largest export market in the Middle East and Serbia’s fourth largest trading partner among Arab and African countries.
Foreign direct investment between the two countries has increased towards high-priority sectors including renewable energy, agriculture, food security, infrastructure and logistics services, Al Zeyoudi added.
The Comprehensive Economic Partnership Agreements program, which the UAE has been implementing since the end of 2021, is a key pillar of the country’s growth strategy, which aims to double the total value of foreign trade to AED 4 trillion by 2031.