Australia’s First Comprehensive Economic Partnership Agreement with the Middle East
His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs of the UAE, and Australian Foreign Minister Penny Wong attended the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Australia.
The agreement was formalized during Sheikh Abdullah bin Zayed visit to Canberra.
Mentioning that it is the first time that Australia signs a CEPA with a Middle Eastern country.
The CEPA will boost trade and investment ties.
Moreover, it is initiating a phase of economic integration focused on enhancing trade flows, private sector cooperation, and cross-border investments.
Dr. Thani bin Ahmed Al Zeyoudi and Australian Trade and Tourism Minister Don Farrell signed UAE-
Australia CEPA.
300 Active Australian companies in the UAE
As per expectations, the agreement will elevate non-oil bilateral trade to $15 billion by 2032.
It will also reduce tariffs on the majority of exchanged goods.
This partnership stems from UAE-Australia robust trade, which saw a 10.1% growth in non-oil trade and reached $2.3 billion in the first half of 2024.
Mentioning that over 300 Australian companies are active in the UAE with diverse sectors, such as:
Construction, agriculture, and financial services.
The UAE has become Australia’s primary trading partner in the Middle East.
The CEPA also includes provisions to promote environmental protection, women’s empowerment and inclusive economic growth.
In addition to sustainable practices in agriculture and food systems.
What Are the Goals of UAE Economic Strategy ?
These initiatives are aligned with the UAE’s broader economic strategy, which seeks to reach 4 trillion dirhams in total trade value by 2031.
And also to double the economy to over $800 billion by 2030.
Six additional agreements and memoranda were signed, covering areas such as:
Renewable energy, infrastructure, artificial intelligence, mining, and agriculture.
These agreements aim to deepen UAE-Australia economic ties by creating new opportunities for private sector collaborations across priority sectors.
The UAE has proven its leadership in the global energy sector, as one of the most prominent producers of bioenergy, which has taken qualitative steps in the energy transition phase and is among the leading countries in the green hydrogen production scene and dealing with critical… pic.twitter.com/sFOd5mS6bt
— UAE Voice (@uae_voiceeng) November 6, 2024
Abdullah bin Zayed: Australia is a Reliable Trade and Investment Partner
HH Sheikh Abdullah bin Zayed affirmed that UAE and Australia Comprehensive Economic Partnership Agreement embodies the flourishing and developing relations between the two friendly countries.
It also stems from the UAE’s approach to build bridges of cooperation and developmental partnerships with friendly and brotherly countries.
In order to achieve comprehensive development, sustainable economic prosperity, and enhance the well-being of peoples.
Sheikh Abdullah bin Zayed pointed out that Australia is an important and reliable trade and investment partner.
As the two countries share strong and extended relations.
