Ministers and officials of the UAE government and government leaders in local authorities stressed the importance of the Comprehensive Economic Partnership Agreement with the Republic of Serbia as it is a strategic step with an important economic partner, noting that the agreement is a “crossing bridge” for UAE exports to the heart of Europe, and stimulates more investments, through… Providing exceptional and important opportunities for the private sector in the country, enhancing services exports, and supporting the UAE’s global leadership position in the field of renewable energy.
Minister of State for Financial Affairs, Mohammed bin Hadi Al Husseini, said: “The comprehensive economic partnership agreements concluded by the UAE continue to create new opportunities for the private sector in the country to expand and access new markets and global supply chains, and the comprehensive economic partnership agreement between the UAE and Serbia represents a new step in this. The direction is to secure a trade and investment partnership with a promising economy in Eastern Europe, recording a high growth rate, with developed industries, a high-level workforce, and a reliable banking system, after it has benefited from consolidation and rationalization measures over the past few years.”
The Minister of Energy and Infrastructure, Suhail bin Mohammed Al Mazrouei, added: “The Republic of Serbia is considered an important partner of the UAE, and a destination for major capital projects that enhance the country’s position and leadership in vital sectors such as renewable energy. “One example is the Chibok Wind Power Plant, a joint venture with Abu Dhabi Future Energy Company (Masdar), which is the largest commercial utility-scale wind energy project in the Western Balkans.”
He added: “The Comprehensive Economic Partnership Agreement between the UAE and Serbia can stimulate more of these investments, by providing exceptional and important opportunities for the private sector in the country, enhancing our exports of services, and it also supports our global leadership position in the field of renewable energy.”
The Minister of Industry and Advanced Technology, Dr. Sultan Ahmed Al Jaber, said: “The comprehensive economic partnership agreement between the UAE and Serbia is in line with the vision of the wise leadership to enhance communication and cooperation and expand the country’s global partnerships, as these partnerships contribute to diversifying the economy and enhancing its growth. This agreement also provides a transit bridge for industrial exports.” The UAE is heading to the heart of Europe, providing new and promising opportunities to establish partnerships and enhance investments, not only with Serbia, but also with the countries of the Balkan region as a whole. Serbia also provides an important destination for UAE exports, especially machinery, electrical machinery and equipment, plastics, organic chemicals, and others.”
He added: “The Comprehensive Economic Partnership Agreement between the UAE and Serbia constitutes a catalyst for enhancing UAE non-oil exports and creating paths for strategic investment and diverse projects in sectors that achieve mutual benefit such as industry, agriculture, automobiles, tourism, renewable energy, and information and communications technology.”
The Minister of Economy, Abdullah bin Touq Al Marri, said: “The UAE continues to conclude strategic agreements that support growth and expand the network of its trading partners around the world, especially with countries with which we share the vision of an open economy based on competition and innovation. The Republic of Serbia, which recorded the highest gross domestic product in its history ever by the end of 2023 at $75.1 billion, embodies these values. It also provides an increasingly important market for the UAE. By enhancing the entry of UAE exports into markets, reducing unnecessary trade barriers and providing a vital new platform for investments, the comprehensive economic partnership agreement between the UAE and Serbia will give new momentum to the relationship between the two countries.”
Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, said: “Foreign trade is a major axis and an influential and motivating element of the UAE’s goals to achieve sustainable growth of the national economy. For this reason, we aim to double our non-oil foreign trade to reach four trillion dirhams, and UAE exports to 800 billion.” AED by 2031.
He added: “The comprehensive economic partnership agreements are a major driver for contributing to achieving these goals, as they contribute to accelerating trade and investment flows by reducing customs tariffs, reducing trade barriers, and enhancing opportunities for Emirati exporters to enter global markets, in addition to creating new paths for joint projects and flows.” Foreign direct investment.
He said: “The comprehensive economic partnership between the UAE and Serbia represents an important additional step in the program of global economic agreements that the country continues to implement. It also provides the first direct gateway to the heart of Europe. Serbia is one of the leading destinations on the continent for new investments, and it currently ranks 44th in the report. Ease of doing business in the world. The Comprehensive Economic Partnership Agreement between the UAE and Serbia culminates in the continued development of friendly relations between the two countries. In the first half of 2024, the total non-oil bilateral trade reached $55 million (201 million dirhams), exceeding the entire total recorded for the year 2020. Therefore, we can look forward to significantly enhancing these numbers in the short and medium term, by reducing or canceling customs duties on more than 95% of the goods and merchandise exchanged.”
• 201 million dirhams in total bilateral trade between the two countries during the first half of 2024.
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