A New Opportunity to Strengthen Business Ties Between Serbia and the UAE

The Comprehensive Economic Partnership Agreement between Serbia and the United Arab Emirates (UAE), which came into force on June 1, opens up an important and highly promising market in the Gulf region for Serbian companies at a higher level. This agreement is expected to bring new partnerships and business opportunities to the Serbian economy, while also expanding cooperation in the services sector, from logistics to ICT, it was highlighted today at the presentation of the agreement at the Chamber of Commerce and Industry of Serbia (CCIS). Over the next three years, nearly 80% of the products covered by the agreement are expected to be traded under a free trade regime.

According to Marko Čadež, President of the Chamber of Commerce and Industry of Serbia, the Economic Partnership Agreement between Serbia and the UAE is the first of its kind that Serbia has signed with any country in terms of scope and areas of cooperation, and it holds great strategic significance for the country.

Čadež emphasized that the agreement brings a new quality to the relations between the two nations and opens a new chapter in cooperation, not only in free trade of goods but also in significant liberalization of the services sector. The first to feel the impact of the agreement, he said, will be Serbian producers of agricultural and food products, who are already present in the UAE market and have established contacts with local buyers.

The business community anticipates the creation of conditions for full implementation of the agreement, particularly regarding the provision of halal certification for a range of products, from the meat industry to cosmetics and pharmaceuticals. Čadež announced that the CCIS will be actively involved in addressing these issues.

“Major steps have been taken, and major potential lies ahead. It is up to us, as the business community, to bring these agreements to life through new contracts,” Čadež said, inviting all interested companies to contact the CCIS representative office in Dubai for key information.

“The agreement with the UAE is part of a new generation of trade agreements that cover not only goods but also the liberalization of services. This will undoubtedly be of interest to many companies operating in areas such as telecommunications, logistics, and business services,” said Jagoda Lazarević, Minister of Internal and Foreign Trade in the Government of Serbia. She noted that trade in goods between the two countries remains relatively modest, amounting to around 200 million USD, while trade in services is significantly more developed, exceeding 600 million USD.

“When you look at both segments—goods and services—the total trade volume is slightly over 800 million USD, which is already a substantial figure with potential for significant growth. Upon entry into force, the agreement immediately covers more than 60% of products under the free trade regime,” explained Lazarević.

She added that the agreement features shorter timelines for phased tariff reductions, so that in three years, an additional 15% of products will be duty-free, with full liberalization expected in the fifth year of implementation.

The minister also expressed expectations that the agreement will positively impact the inflow of new investments. “I believe that through partnerships like this one with the Emirates, we will have mutual and long-term intensive economic cooperation that fully reflects the excellent political relations between our two countries,” Lazarević stated.

Ahmed Hatem Al Menhali, the UAE Ambassador to Serbia, said that the agreement reflects a mutual commitment to strengthening economic ties and expanding trade cooperation between Serbia and the UAE.

He emphasized that the agreement is not just about trade, but also serves as a bridge connecting people, economies, and shared visions. It offers a platform for investment and cooperation in various fields, including water management, logistics, digital innovation, and tourism.

“The UAE remains committed to building partnerships based on mutual respect and shared goals. Serbia is a key partner in that vision, and we believe there is significant room to deepen our cooperation,” concluded the UAE Ambassador.