Canberra: H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, alongside Penny Wong, the Australian Minister of Foreign Affairs, attended the formal signing of a Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and Australia. This agreement is set to enhance bilateral relations, aiming to boost trade, encourage private-sector collaboration, and facilitate investment flows between the two nations.
According to Emirates News Agency, the signing event took place during Sheikh Abdullah’s official visit to Canberra and was executed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Australian Minister for Trade and Tourism, Don Farrell. The ceremony was also witnessed by Saeed Mubarak Al Hajri, Assistant Minister for Economic and Commercial Affairs, and Dr. Fahad Obaid Mohamed Altaffag Almarashda, UAE Ambassador to Australia, along with other dignitaries from both countries.
Once the agreement is ratified, it
will be Australia’s inaugural trade agreement with a nation in the Middle East and North Africa region. It is projected to significantly increase bilateral non-oil trade, aiming to reach over US$15 billion by 2032, compared to US$4.23 billion in 2023. His Highness Sheikh Abdullah emphasized that the CEPA represents a strategic milestone in the UAE’s foreign trade policy, facilitating global cooperation and mutual benefits.
The UAE-Australia agreement builds upon the already strengthening economic ties between the two nations. Bilateral non-oil trade saw a 10.1 percent increase in the first half of 2024, totaling US$2.3 billion. The UAE is recognized as Australia’s leading trade partner in the Middle East and its 20th largest partner globally. As of 2023, mutual investments amount to US$14 billion, with over 300 Australian businesses operating in the UAE across various sectors.
The CEPA includes specific chapters dedicated to enhancing cooperation in fields such as environmental protection, women’s empowerme
nt, sustainable agriculture and food systems, and animal welfare. Additionally, the UAE delegation to Australia secured six further agreements, including an Agreement to Promote and Protect Investments and five Memoranda of Understanding aimed at facilitating two-way investment in critical sectors.
The UAE’s CEPA programme is integral to the country’s growth strategy, targeting US$1 trillion in total trade value by 2031 and aiming to double the economy’s size to exceed US$800 billion by 2030. Launched in September 2021, the programme covers agreements across the Middle East, Africa, Southeast Asia, South America, and Eastern Europe, impacting nearly a quarter of the global population.
