UAE and Serbia Establish Economic Partnership During President Sheikh Mohamed's Visit

Photo: WAM

On Saturday, President Sheikh Mohamed bin Zayed Al Nahyan of the United Arab Emirates engaged in high-level discussions with Serbian President Aleksandar Vucic during a one-day working visit to Belgrade. The two leaders oversaw the exchange of a Comprehensive Economic Partnership Agreement (CEPA), a significant development aimed at enhancing economic collaboration between their nations.

The newly signed agreement is designed to facilitate increased trade, investment flows, and private sector cooperation. Sheikh Mohamed characterized the CEPA exchange as a pivotal moment in UAE-Serbia relations. “The CEPA with Serbia is a notable step forward in our efforts to create a network of trade agreements that will accelerate investment, promote knowledge-sharing, and create opportunities for joint ventures in high-growth sectors,” he stated.

He emphasized that Serbia is an important addition to the CEPA program and acts as a bridge to the promising Eastern European market. “The UAE-Serbia CEPA reflects our shared ambition to establish a new era of collaboration and unlock sustainable growth for both our economies,” Sheikh Mohamed added.

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During their discussions, the two leaders explored ways to further strengthen their strategic partnership. They reviewed existing progress in various key sectors, including investment, trade, technology, food security, and renewable energy. President Vucic expressed optimism that Sheikh Mohamed’s visit would enhance bilateral ties and support their shared aspirations.

The conversations also delved into several regional and international issues, with both leaders emphasizing the importance of peaceful resolutions to ongoing crises affecting different parts of the globe. Sheikh Mohamed asserted the UAE’s commitment to cooperation and dialogue as essential tools for resolving disputes peacefully. He reaffirmed the UAE’s strong support for peace and stability in the Balkans, highlighting the significance of its relationship with Serbia and other countries in the region.

Upon his arrival at Belgrade’s Nikola Tesla Airport, Sheikh Mohamed was warmly greeted by President Vucic, who also accompanied him for his departure later in the day. The UAE President's delegation included prominent officials such as Sheikh Hazza bin Zayed, Deputy Ruler of Abu Dhabi; Sheikh Hamdan bin Mohamed, Deputy Chairman of the Presidential Court for Special Affairs; Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology; and Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade.

Dr. Al Zeyoudi highlighted that the CEPA marks a historic first for the UAE’s CEPA program, as it is the initial agreement established with a non-World Trade Organization (WTO) member country. He noted that the agreement will lead to tariff reductions and the elimination of up to 96 percent of customs tariff lines, which is significant compared to agreements with other nations that are WTO members. This initiative aims to tap into the substantial potential for increasing non-oil trade between the UAE and Serbia.

Negotiations for the CEPA began in September 2023, with the goal of enhancing bilateral trade and investment. In the first half of 2023, non-oil trade between the two countries reached $57.6 million, already surpassing the total trade recorded for the entirety of 2020.

Sheikh Mohamed's visit to Serbia follows a prior meeting with President Vucic in June of last year, where discussions focused on boosting security in the Balkans. This recent trip to Belgrade came shortly after Sheikh Mohamed’s working visit to Egypt, where he held discussions with President Abdel Fattah El Sisi and witnessed the signing of agreements between their long-standing allies.

Overall, the visit reflects a commitment to forging stronger ties and cooperative ventures between the UAE and Serbia, paving the way for mutual growth and prosperity.