UAE, Australia conclude negotiations on major trade pact

Tuesday, 17 September 2024 17:30

By ARN News Staff

The UAE and Australia have finalised negotiations on a landmark Comprehensive Economic Partnership Agreement (CEPA).

Once ratified, this agreement will mark Australia's first trade deal with a country in the MENA region.

It will streamline trade processes, eliminate tariffs on a wide range of goods and services, and boost investment opportunities and private-sector collaboration in key sectors.

The CEPA builds on the growing economic ties between the two nations. Bilateral non-oil trade hit $2.3 billion in the first half of 2024, up 10 per cent from the same period last year.

The UAE is Australia’s top trade partner in the Middle East and its 20th largest globally. As of 2023, combined investments from both countries totalled $14 billion, with over 300 Australian businesses operating in the UAE across various sectors.

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, praised the agreement, emphasising its potential to unlock significant opportunities for UAE businesses and provide Australian firms with access to new markets across the MENA region.

He expressed enthusiasm for collaborating with his Australian counterpart to expedite the ratification process and harness the benefits of this milestone.

Australia’s Minister for Trade and Tourism, Don Farrell, highlighted the anticipated $460 million annual increase in Australian exports due to the CEPA.

He underscored the deal’s broader significance in facilitating investment and supporting Australia’s goal of becoming a renewable energy superpower.

Foreign trade remains a cornerstone of the UAE’s economic strategy, with non-oil trade reaching a record $712 billion in 2023.

The CEPA with Australia is expected to further propel the UAE towards its ambitious target of AED 4 trillion ($1.1 trillion) in non-oil foreign trade by 2031.

#Australia has long been an important trade and investment partner for the UAE. Today, HE Don Farrell, Australia’s Minister of Commerce and Tourism, and I agreed the terms of a Comprehensive Economic Partnership Agreement that will secure a new era of cooperation and opportunity pic.twitter.com/alVnBNGb4t
— د. ثاني أحمد الزيودي (@ThaniAlZeyoudi) September 17, 2024

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