DUBAI — The United Arab Emirates and Serbia are in discussions to establish a Comprehensive Economic Partnership Agreement (CEPA), as the country's foreign ministers met in New York on Tuesday during the 78th session of the United Nations General Assembly (UNGA).
The UAE plans to expand its global trading partners targeting $1.09 trillion in non-oil foreign trade by 2031 and to help achieve its aim, it is looking to sign a series of CEPAs — free trade deals that lower tariffs, strengthen market access for importers and exporters and create new investment opportunities between the countries concerned. The Gulf state surpassed $610 billion in non-oil foreign trade in 2022, representing a 17% growth from the year before, according to the UAE Ministry of Economy.
On Monday, the Emirati and Serbian ministers of foreign trade held the first round of talks in Dubai to launch a CEPA. UAE Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi and Serbia’s Minister of Internal and Foreign Trade Tomislav Momirovic convened to boost trade and investment exchange between the two nations. No set trade amounts or targets were announced.
“The Republic of Serbia is committed to supporting and stimulating the private sector and attracting new foreign investments to the country,” said Momirovic on Monday, according to WAM.
