
UAE and Australia conclude negotiations on a Comprehensive Economic Partnership Agreement
- The UAE-Australia CEPA seeks to boost non-oil trade through the removal or reduction of tariffs and trade barriers.
- Bilateral non-oil trade between the UAE and Australia reached US$2.3 billion (AED 8.4 Billion) in H1 2024, up 10 percent compared to 2023.
- HE Al Zeyoudi: “With strong economic, social, and cultural ties between our nations, Australia has long been a valued partner for the UAE. This CEPA will unlock significant opportunities for UAE businesses and provide Australian companies with a gateway to new markets across the MENA region.”
- Hon. Don Farrell: “As a trading nation, we are committed to opening up new opportunities for our exporters, farmers, producers and businesses. Under this trade agreement, Australian exports are expected to increase by US$460 million per year”
Abu Dhabi, United Arab Emirates – September 17, 2024: The UAE and Australia have finalized negotiations on a landmark Comprehensive Economic Partnership Agreement (CEPA) between the two countries that will, once ratified and implemented, represent Australia’s first trade deal with a country in the MENA region. The UAE-Australia CEPA will streamline trade processes, eliminate tariffs on a wide range of goods and services, create new opportunities for investment, and encourage private-sector collaboration in priority sectors.
The negotiations built on growing economic relations between the UAE and Australia, with bilateral non-oil trade reaching US$2.3 billion in H1 2024, an increase of 10 percent from H1 2023. The UAE is Australia’s leading trade partner in the Middle East and its 20th largest partner globally. As of 2023, the two countries have also committed a combined US$14 billion to each other’s economies, with more than 300 Australian businesses operating in the UAE in sectors such as construction, financial services, agriculture and education.
Upon the conclusion of negotiations, HE Al Zeyoudi stated: “With strong economic, social, and cultural ties between our nations, Australia has long been a valued partner for the UAE. This CEPA will unlock significant opportunities for UAE businesses and provide Australian companies with a gateway to new markets across the MENA region. I look forward to collaborating with my Australian counterpart to swiftly ratify the CEPA and deliver its benefits. This milestone not only reaffirms our commitment to building strong relations with key partners, but to expanding the reach of our trading network into key regions such as Asia-Pacific.”
His Excellency Hon. Don Farrell stated: “As a trading nation, we are committed to opening up new opportunities for our exporters, farmers, producers and businesses. Under this trade agreement, Australian exports are expected to increase by US$460 million per year, but this deal means more for Australia than just numbers. A trade agreement with the UAE will facilitate investment into key sectors, which is important to achieving our ambition of becoming a renewable energy superpower.”
Foreign trade remains the cornerstone of the UAE’s economic agenda. In 2023, the UAE’s non-oil trade in goods reached an all-time high of $712 billion, a 14.3% increase on 2022 – and 36.8% more than 2021. A CEPA with Australia will be a significant addition to the UAE foreign trade network, which is helping to propel non-oil foreign trade towards its target of AED4 trillion (US$1.1 trillion) by 2031.
Home >> Local News and Government Section
Record growth continues, RAKBANK delivers AED 772M profit before tax despite inc ...
Al-Akhtal Al-Saghir: An Enchanting Evening at Mohammed Bin Rashid Library
Vision Golfe 2025 in Paris to Strengthen France-GCC Partnership under President ...
Registration Opens for the Sixth Edition of the DXB Snow Run at Ski Dubai
Launching the 3rd & Largest Jewellery Store in Musaffah, Abu Dhabi
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Tra ...
Dubai Cares and ruya join forces to revamp Al Manama Private Charity School in A ...
Strong Finish for Fazza Freediving Championship “Al Hayari“
Skywards Everyday partners with EmCan to offer UAE customers more rewards
Voices And Visions: A Group Exhibition Celebrating Arab Women Artists At Khawla ...
Nando's uae taps into health-conscious dining trend with new peri-avo butterfly ...
Santoor maestro Rahul Sharma to headline ‘Swaralaya – Symphony on Strings' in Du ...
Global Village welcomes music sensation Atif Aslam on Main Stage on 27 April
Marking 10 Years of Transformative Collaboration and Innovation with AirportLabs
RTA Signs MoU with Baidu's Apollo Go to Launch Operational Trials of Autonomous ...
RTA Opens Key Bridge Linking Jumeirah Street to Al Mina Street Towards Infinity ...
UAE Team Brings Home Three Silver Medals and Ranks Second Place Worldwide
UAE takes part in Spring Meetings of the World Bank Group and International Mone ...
Hamdan Bin Mohammed Smart University participates in the ‘Education Interface Ex ...
Statement by H.E. Ahmad Saeed bin Meshar Al Muhairi, SLC Secretary General on Wo ...