UAE and Serbia announce the entry into force of the comprehensive economic partnership agreement

The UAE and the Republic of Serbia announced the entry of the comprehensive economic partnership agreement between the two countries officially in effect in a move that represents a prominent station in the path of strengthening bilateral economic and trade relations, and preparing the foundations for deepening joint cooperation in various priority sectors.

Dr. Thani bin Ahmed Al -Zyoudi, Minister of State for Foreign Trade, stressed that activating the agreement represents a strategic development in economic relations between the two sides.

He said that the entry of the comprehensive economic partnership agreement between the UAE and Serbia in effect constitutes a new stage in our economic relations, and opens wide horizons for cooperation, investment and trade in a way that benefits the two countries.

He added that through this agreement, we confirm our commitment to creating qualitative opportunities that enhance supply chains, generate jobs, and create a prosperous environment for business in both countries.

The agreement aims to strengthen non -oil trade between the UAE and Serbia, which recorded about $ 121.4 million in 2024, an increase of twice as much, compared to 2021.

It is estimated that the agreement will contribute up to 351 million dollars in the GDP of the UAE by 2031.

This growth is expected to be achieved by canceling or reducing customs duties on more than 96% of the product lines, in order to enhance the opportunities for access to the markets, and it provides a more attractive environment for cooperation between private sector institutions in the two countries.

Serbia is an important economic partner for the UAE, thanks to the diversity of its economy and strategic location, which is a vital gateway to Eastern Europe and the Balkan region.

The agreement is expected to contribute to promoting trade exchange and encouraging investments in vital sectors that include renewable energy, agriculture, logistics, and technology.

The UAE ranks first among the Gulf Cooperation Council countries in the volume of trade exchange with Serbia, as it acquired about 55% of its total trade with the GCC countries in 2023.

The economic relations between the two countries have witnessed a remarkable development during the past years, driven by foreign direct investment flows, especially in the sectors of high growth, which contributed to enhancing common economic interests.

With the comprehensive economic partnership agreement entered into force officially, the two countries can benefit from their advantages in advancing economic growth, and opening new horizons for sustainable development in a way that benefits the two sides.

The comprehensive economic partnership agreements are a basic pillar in the UAE’s vision of strategic economic growth, aiming to raise the value of non -oil trade to $ 1.1 trillion by 2031, and double the size of the national economy to reach 800 billion dollars by 2030.

The agreement with the Republic of Serbia is the tenth of the implementation agreement, within a group of 27 agreements signed with countries in the Middle East, Africa, Southeast Asia, South America and Europe.