Australia and the United Arab Emirates have concluded negotiations on a historic Comprehensive Economic Partnership Agreement (CEPA), which, if approved and put into effect, will be Australia’s first trade agreement with a nation in the Middle East and North Africa (MENA) region. The CEPA between the United Arab Emirates and Australia aims to simplify trade procedures, remove tariffs on an extensive array of products and services, generate fresh investment prospects, and promote private sector cooperation in high-priority areas.
The discussions grew out of the expanding economic ties between Australia and the United Arab Emirates, whose bilateral non-oil trade reached US$2.3 billion in H1 2024, up 10% from H1 2023. Australia’s 20th largest trading partner worldwide and its top Middle Eastern partner is the United Arab Emirates. Together, the two nations have invested $14 billion in each other’s economies as of 2023, and over 300 Australian companies are present in the UAE, working in industries including financial services, education, construction, and agriculture.
“Australia has long been a valued partner for the UAE, with strong economic, social, and cultural ties,” said Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, following the conclusion of negotiations. This CEPA will give Australian businesses access to new markets throughout the MENA region and open up significant opportunities for businesses in the UAE. I’m excited to work with my Australian counterpart to ratify the CEPA as soon as possible and implement its advantages. This accomplishment not only confirms our dedication to forging solid bonds with important allies but also to extending our trading network’s reach into strategically important areas like Asia-Pacific.
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