Manama: The United Arab Emirates and the Republic of Serbia have announced that the Comprehensive Economic Partnership Agreement between the two countries has officially come into force, marking a significant milestone in enhancing bilateral economic and trade relations and laying the foundations for deepening cooperation in various priority sectors.
According to Emirates News Agency, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, highlighted that the activation of the agreement represents a strategic development in economic relations between the two sides. He said that the entry into force of the Comprehensive Economic Partnership Agreement marks a new phase in economic relations, opening up broad prospects for cooperation, investment, and trade that will benefit both countries.
The agreement aims to enhance non-oil trade between the UAE and Serbia, which recorded around US$121.4 million in 2024, a twofold increase compared to 2021. Estimates indicate that the agreement will contribute up to US$351 million to the UAE's GDP by 2031. This growth is expected to be achieved by eliminating or reducing customs duties on more than 96% of product lines, thereby enhancing market access and creating a more attractive environment for collaboration between private sector institutions in both countries.