UAE and Serbia Forge New Economic Bridges with Landmark CEPA Deal

Photo: WAM

Belgrade — In a strategic diplomatic development, UAE President Sheikh Mohammed bin Zayed Al Nahyan and Serbian President Aleksandar Vučić convened in Belgrade to elevate bilateral ties through the signing of a Comprehensive Economic Partnership Agreement (CEPA). The deal, executed by trade ministers, marks a pivotal step in expanding commercial, technological, and strategic cooperation between the nations.

The agreement outlines a forward-looking roadmap aimed at increasing trade and investment flows across high-growth sectors. These include renewable energy, technology, food security, and logistics—areas where both nations share mutual interests. Sheikh Mohammed highlighted CEPA's role in enabling knowledge-sharing, supporting small and medium enterprises, and fostering joint innovation. He described Serbia as a gateway to Eastern Europe and a strategic component of the UAE’s diversification agenda aimed at exceeding $1 trillion in trade by 2031.

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President Vučić praised the deal as “a milestone” in bilateral relations. He emphasized the UAE’s role in transforming Serbia’s infrastructure—citing key projects such as the Belgrade Waterfront—and said that CEPA would deepen collaboration in AI, agriculture, clean energy, and defense tech. Vučić called the UAE a “reliable partner” and pledged to ease market access for Emirati investors. 

The discussions also spanned regional and global topics. Both leaders urged the expansion of peaceful solutions and stressed the importance of dialogue amidst ongoing geopolitical crises. The UAE reaffirmed its commitment to stability in the Balkans and pledged continued support for diplomatic de-escalation efforts, aligning with shared diplomatic goals.

Several Memoranda of Understanding (MoUs) were signed to underpin CEPA. These included cooperation in diplomacy training, cybersecurity, legal and judicial affairs, and combating human trafficking, indicating a comprehensive and multifaceted bilateral agenda.

The UAE delegation included senior officials Sebhat Al Jaber, Minister of Industry & Advanced Technology; Thani Al Zeyoudi, Minister of State for Foreign Trade; and Mohammed Alabbar, Eagle Hills chairman. Serbia was represented by Vučić, along with Dr. Tomislav Momirović, its Foreign Trade Minister, among others. 

This agreement builds on earlier diplomatic engagement, as both countries brokered a Strategic Partnership in 2022 and have maintained consistent high-level dialogue. With CEPA now in force (pending formal ratification), analysts anticipate an uptick in non-oil trade, expected to accelerate from roughly $127 million in 2022 and continue growing. 

Officials believe the deal will also pave the way for direct flights, visa facilitation, and educational exchanges—efforts meant to enhance bilateral ties beyond commerce. Business communities on both sides are preparing forums and working groups to explore joint ventures and co-investments.