H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, and Penny Wong, the Australian Minister of Foreign Affairs, attended the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Australia today.
This agreement marks a new beginning in their relationship, focusing on boosting trade, encouraging private sector cooperation, and enhancing investment opportunities.
The signing happened during Sheikh Abdullah’s working visit to Canberra. The agreement was signed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Don Farrell, the Australian Minister for Trade and Tourism.
The ceremony was also attended by Saeed Mubarak Al Hajri, Assistant Minister for Economic and Commercial Affairs, and Dr. Fahad Obaid Mohamed Altaffag Almarashda, the UAE Ambassador to Australia, along with officials from both nations.
Once approved, this deal will be Australia’s first trade agreement with a country in the Middle East and North Africa region. It is a significant addition to the UAE’s CEPA program. The agreement is projected to increase bilateral non-oil trade to over US$15 billion by 2032, tripling the US$4.23 billion recorded in 2023.
Sheikh Abdullah stated that the CEPA represents the latest achievement in a foreign trade policy that is yielding great benefits. “The signing of the Comprehensive Economic Partnership Agreement with Australia shows our commitment to building cooperation and mutual benefits globally,” he said.
He added that “Australia has been a trusted economic partner with strong connections in trade, culture, and sports. This agreement will strengthen these ties and create more opportunities for our businesses to work together and grow.”
The UAE-Australia agreement builds on the growing economic relationship between the two nations, with bilateral non-oil trade reaching US$2.3 billion in the first half of 2024, a rise of 10.1 percent from the same period in 2023.
The UAE is Australia’s top trade partner in the Middle East and ranks as its 20th largest trade partner globally. As of 2023, both countries have committed a total of US$14 billion to each other’s economies, with over 300 Australian companies operating in the UAE in sectors like construction, finance, agriculture, and education.
This CEPA also includes specific chapters focused on enhancing cooperation in areas such as the environment, women’s empowerment, sustainable agriculture and food systems, and animal welfare.
Along with the CEPA, six additional agreements were signed during the high-level UAE delegation’s visit to Australia, further strengthening the partnership between the two nations. These include an Agreement to Promote and Protect Investments and five memoranda of understanding (MoUs) for investment cooperation in priority sectors such as Green and Renewable Energy, Infrastructure, Data Centres, Artificial Intelligence Projects, Minerals and Mining, and Food and Agriculture.
The UAE’s CEPA program is a vital part of the country’s growth strategy, aiming for US$1 trillion in total trade value by 2031 and seeking to double the economy to exceed US$800 billion by 2030.
Since its launch in September 2021, the CEPA program has implemented agreements across the Middle East, Africa, Southeast Asia, South America, and Eastern Europe, covering nearly a quarter of the world’s population.
