{"id":81473,"date":"2024-10-07T00:00:00","date_gmt":"2024-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/10\/07\/uae-inks-trade-agreements-with-serbia-and-jordan\/"},"modified":"2024-10-07T00:00:00","modified_gmt":"2024-10-07T00:00:00","slug":"uae-inks-trade-agreements-with-serbia-and-jordan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/10\/07\/uae-inks-trade-agreements-with-serbia-and-jordan\/","title":{"rendered":"UAE inks trade agreements with Serbia and Jordan"},"content":{"rendered":"

<\/strong> It was a busy weekend for the UAE:<\/strong> The UAE inked two separate trade and economic agreements with Serbia and Jordan aimed at boosting investment and trade flows. <\/p>\n

JORDAN- <\/p>\n

#1- UAE inks first trade pact with an Arab country:<\/strong> The UAE signed an economic partnership with Jordan, marking the inaugural agreement of its kind to be signed between the UAE and an Arab country, Wam<\/a> reports. The agreement is set to reduce restrictions and non-tariff measures on goods and services, and is poised to \u201caccelerate growth in priority sectors and strengthen supply chains,\u201d according to Wam. The agreement was finalized during president Sheikh Mohamed bin Zayed Al Nahyan\u2019s official visit to Jordan.<\/p>\n

The targets:<\/strong> The agreement aims to double trade between the countries to USD 8 bn over the next five years, up from USD 4.2 bn in 2023. \u201cPromising\u201d areas of cooperation include tourism, hospitality, real estate, renewables, transport, logistics, manufacturing, pharma, and food security, Trade Minister Thani Al Zeyoudi told Wam (watch, runtime: 2:02<\/a>) on the sidelines of the visit. The agreement is expected to be ratified later this year, Al Zeyoudi added.<\/p>\n

Background:<\/strong> The UAE is currently the biggest foreign investor in Jordan, with more than USD 4 bn invested in the country and mutual investments totaling USD 22.5 bn, spanning sectors like energy, infrastructure, transport, and finance. The UAE signed agreements<\/a> to build a USD 2.3 bn railway in Jordan earlier in September, with plans to complete studies for the project by the end of next year. <\/p>\n

During the visit<\/strong>, Al Nahyan and Jordan\u2019s King Abdullah II bin Al Hussein emphasized the importance of the trade agreement as a \u201cnatural progression\u201d of the two countries\u2019 economic ties, noting that it will pave the way for further opportunities, Wam<\/a> reports. The two heads of state also discussed ongoing collaboration in the economy, investment, sustainable development, food security, renewable energy, and other key sectors. They also discussed the ongoing war in the region, stressing the need for a ceasefire.<\/p>\n

SERBIA- <\/p>\n

The UAE and Serbia signed a tr<\/strong>ade and economic <\/strong>partnership agreement to remove tariffs on up to 96% of customs tariff lines<\/strong> and facilitate investment in \u201chigh-growth sectors,\u201d including renewable energy, agriculture, infrastructure, and logistics, state news agency Wam reports here<\/a> and here<\/a>. The trade agreement is the UAE\u2019s first with a non-WTO member country. <\/p>\n

Private sector cooperation is another priority:<\/strong> The agreement will also see the countries work to protect intellectual property and support small and medium-sized enterprises, in a bid to ramp up private-sector collaboration between the UAE and Serbia.<\/p>\n

By the numbers: <\/strong>The agreement is expected to add USD 351 mn to the local economy by 2032, with non-oil bilateral trade forecast to rise to USD 500 mn over the next five years, up from USD 122.9 mn in 2023. The UAE accounts for 55% of Serbia\u2019s trade with Gulf nations \u2014 marking it the country\u2019s largest GCC trading partner \u2014 and is the third-largest market for Serbian exports in the Middle East.<\/p>\n

More UAE-Serbia collaboration to come? <\/strong>President Sheikh Mohamed bin Zayed Al Nahyan explored further cooperation with his Serbian counterpart Aleksandar Vu\u010di\u0107 on Saturday, focusing on investment, economy, trade, technology, food security, and renewable energy, Wam<\/a> reported separately. The leaders also addressed \u201cseveral regional and international issues of mutual interest,\u201d the statement reads.<\/p>\n

REMEMBER- The agreements come as part of the country\u2019s broader plan to double foreign trade to AED 4 tn by 2031.<\/strong> The UAE finalized similar agreements with New Zealand<\/a> and Australia<\/a> last month.<\/p>\n

IN OTHER DIPLO NEWS-<\/strong><\/p>\n