'UAE and Serbia begin talks on economic partnership'

The UAE and Serbia have started negotiations on a Comprehensive Economic Partnership Agreement paving the way for increased trade, investment and cooperation in the private sector. The talks were held in Dubai and marked the first step in establishing a partnership between the two countries.

In the first half of 2023, bilateral non-oil trade reached $57.6 million, surpassing the total trade for the whole of 2020. The UAE is currently the third largest market for Serbian exports in the Middle East. The country has attracted foreign direct investment in priority sectors such as agriculture, food security, real estate, infrastructure and logistics.''The foundations for the talks were laid following UAE President Sheikh Mohamed bin Zayed Al Nahyan's visit to Belgrade in June this year, during which he met with Serbian President Aleksandar Vucic. At that time, several agreements were signed to expand cooperation in the fields of renewable energy, agriculture, food security, technology and artificial intelligence.

The UAE is seeking to expand its trade partnerships around the world to reach a foreign trade target of Dh4 trillion by 2031. The UAE leadership sees trade as one of the most important catalysts for growth, economic diversification and long-term sustainable development.

The agreement will aim to improve bilateral trade by reducing or eliminating customs duties, removing unnecessary trade barriers, protecting intellectual property rights''property, supporting small and medium-sized enterprises and facilitating mutual investment flows. The treaty also seeks to strengthen cooperation in the aviation, agriculture, construction, contract and real estate, and defense sectors.

The UAE has already successfully concluded Comprehensive Economic Partnership Agreements with Cambodia, India, Indonesia, Israel, Georgia, Turkey and Israel. The first four agreements have already entered into force.