The UAE-Serbia Comprehensive Economic Partnership Agreement (CEPA) has officially come into force, aimed at fostering enhanced trade and investment flows while paving the way for collaboration across diverse priority sectors.
This marks the 10th CEPA to come into force, out of 27 agreements signed by the UAE with nations across the Middle East, Africa, Southeast Asia, South America, and Europe.
The CEPA aims to boost bilateral non-oil trade, which reached approximately $121.4 million in 2024, expected to increase and contribute $351 million to the UAE’s GDP by 2031.
This growth will be driven by significantly reducing or eliminating customs duties on over 96 percent of tariff lines, thereby enhancing market access while cultivating a more supportive environment for private sector collaboration.
With its diverse economy and strategic location, Serbia plays a key role as the UAE’s gateway to Eastern Europe and the Balkans. In addition to strengthening trade, the CEPA is expected increase private sector collaboration and foster investments in priority sectors such as renewable energy, agriculture,logistics, and technology.
In 2023, the UAE stands out as Serbia’s leading trading partner in the GCC, accounting for approximately 55 percent of its total trade with the region. The increasing flows of foreign direct investment (FDI) targeting high-growth sectors have further strengthened the bilateral relationship and enhanced mutual economic interests.
As CEPA is now in effect, both nations can leverage the agreement to drive economic growth and explore opportunities that benefit their citizens.
The CEPA program comes as a central part of the UAE’s growth strategy, which seeks to increase total non-oil trade to $1.1 trillion by 2031 and double the size of the economy to $800 billion by 2031.
Source: gccbusinessnews