The UAE and the Republic of Serbia have made a noteworthy advancement in enhancing trade, investment, and private-sector cooperation by commencing discussions on establishing a free trade agreement between the two countries.
Tomislav Momirovic, the minister of domestic and foreign trade, graciously signed a strategic document in Dubai on Monday. This agreement was initiated with the esteemed UAE Minister of State for Foreign Trade, Thani bin Ahmed Al-Zeyoudi, as per the Serbian government website.
This economic partnership highlights the increasing connections between the two countries, with their bilateral non-oil trade amounting to $57.6 million in the first half of 2023, surpassing the total for the entire year of 2020.
Significantly, the UAE has emerged as the third-largest market for Serbian exports in the Middle East, with foreign direct investment pouring into various crucial sectors such as agriculture, food security, real estate, infrastructure, and logistics.
According to the state news agency, WAM, Al-Zeyoudi mentioned that the UAE is actively broadening its trade alliances across the globe as it strives to achieve its goal of 4 trillion dirhams ($1.089 trillion) in foreign trade by 2031.
The UAE leadership highly values trade as a crucial factor in fostering growth, economic diversification, and sustainable development.
The UAE official stated that the commencement of negotiations between the UAE and Serbia signifies a significant milestone in the bilateral relations of the two nations. Serbia, being an emerging economy in a highly significant region of Europe, has strategic connections to several crucial markets in the Balkans and Eastern Europe. On the other hand, the UAE can effectively serve as Serbia’s gateway to the Middle Eastern, Asian, and African markets.
A Comprehensive Economic Partnership Agreement between the UAE and Serbia aims to enhance bilateral non-oil trade by reducing or eliminating customs duties, eliminating unnecessary trade barriers, safeguarding intellectual property rights, supporting small and medium-sized enterprises, and promoting reciprocal investment flows. Al-Zeyoudi expressed that the agreement would not only enhance access to global supply chains but also foster lasting partnerships and open avenues for new investment opportunities for our private sectors.
It also seeks to enhance collaboration in various sectors such as aviation, agriculture, construction, contracting, real estate, defence industries, and more.
Momirovic stated that his country has demonstrated a strong commitment to supporting the private sector and attracting new investments. He emphasized that the free trade agreement with the UAE will serve as an additional catalyst for attracting investments from this affluent nation.
According to the Serbian minister, the economic relations between Serbia and the UAE are in line with positive political relations.
He further mentioned that this connection can be observed most effectively through the Belgrade Waterfront project and investments made by prominent Emirati companies, such as Al-Dahra and DP World, who are presently engaged in the development of the port of Novi Sad.
