United Arab Emirates and Serbia Implement Economic Cooperation Pact for Trade Expansion and Financial Investments
🌟 Boom Times Ahead: The UAE & Serbia's Economic Partnership Pact 🌟
Hey there! 🤗 The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates (UAE) and the Republic of Serbia is now officially in action, gearing up to supercharge economic relations between these two powerhouses. 💼🇭🇦🇪
The agreement is all about invigorating trade and investments, opening up a world of prospects across numerous industries. 🌐📈
Dr. Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade, spoke about the CEPA, saying it's a game-changer, promising to...
- Generate jobs and income,
- Reinforce supply chains,
- Foster a business-friendly climate.
With bilateral non-oil trade between the UAE and Serbia hitting about US$121.4 million in 2024 - way up from the 2021 figures - the CEPA is expected to further skyrocket this trade. 📈💰
Industry experts believe the CEPA could add an estimated US$351 million to the UAE's GDP by 2031. 📈💼
The agreement eliminates or slashes customs duties on more than 96% of tariff lines, making markets more accessible. This move will no doubt be a significant catalyst for growth. 🚀✈️
Serbia, with its strategic location and diverse economy, is seen as a crucial gateway to Eastern Europe and the Balkans. 🌉🇷🇸
The CEPA aims to foster private sector collaboration and egg on investments in high-growth sectors such as renewable energy, agriculture, logistics, and technology. 🌱🔬
- The CEPA is poised to drive collaboration between the UAE and Serbia in various sectors, with a particular emphasis on renewable energy, agriculture, logistics, and technology.
- This business partnership is anticipated to greatly expand Serbia's role as a gateway to Eastern Europe and the Balkans, opening up new investment opportunities.
- The economic growth forecasted from the agreement is projected to extend beyond trade, potentially injecting an estimated US$351 million into the UAE's economy by 2031.
- The elimination or reduction of customs duties under the CEPA will make markets more accessible, creating a conducive environment for both countries to reinforce their supply chains.
- Aside from boosting the economy, the CEPA is expected to generate jobs and income for both nations, while fostering a business-friendly climate that encourages private sector investments.
