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UAE-Australia Cepa to usher in a fresh era of trade and investment

 


The UAE and Australia have successfully concluded negotiations on a landmark Comprehensive Economic Partnership Agreement (CEPA), which is expected to eliminate tariffs on about 99% of Australian products, resulting in an estimated $91 million in savings in the first year alone.

The UAE is Australia's largest trade and investment partner in the Middle East, with bilateral trade totaling $6.69 billion in 2023. Under the new agreement, Australian exports are projected to increase by $458 million annually.

However, the UAE-Australia CEPA extends beyond financial benefits, according to Australia's Minister for Trade and Tourism, Don Farrell. He highlighted that the deal could enhance UAE investments in Australia’s critical minerals sector, with significant advantages also anticipated for the mining industry.

The trade agreement, which is expected to take effect later this year, will further strengthen economic, social, and cultural ties between the two nations. Dr. Thani Al-Zeyoudi, UAE Minister of State for Foreign Trade, emphasized Australia’s importance as a partner, stating that CEPA will unlock considerable opportunities for Emirati businesses while offering Australian companies greater access to markets across the MENA region.

These negotiations reflect the deepening economic relationship between the two countries. Non-oil bilateral trade reached $2.3 billion in the first half of 2024, marking a 10% rise compared to the same period in 2023. More than 300 Australian businesses currently operate in the UAE.

The UAE and Australia have collectively invested $14 billion in each other’s economies as of 2023. Key Australian agricultural exports to the UAE include meat, dairy, seafood, oil seeds, steel, nuts, honey, coal, lentils, and chickpeas.

Foreign trade remains central to the UAE’s economic strategy. In 2023, the UAE's non-oil trade reached a record high of $712 billion, a 14.3% increase from the previous year and 36.8% higher than in 2021.


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