UAE and Australia Sign Comprehensive Economic Partnership Agreement
Canberra, The Gulf Observer: H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs of the United Arab Emirates, and Penny Wong, Australian Minister of Foreign Affairs, witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Australia today. This landmark agreement is set to open new avenues in bilateral relations, aiming to bolster trade, stimulate private-sector collaboration, and encourage investment flows between the two nations.
The signing ceremony, held during Sheikh Abdullah’s official visit to Canberra, formalized a strategic partnership aimed at elevating bilateral non-oil trade to over US$15 billion by 2032—a threefold increase from the US$4.23 billion recorded in 2023. Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Don Farrell, Australian Minister for Trade and Tourism, signed the agreement, in the presence of Saeed Mubarak Al Hajri, Assistant Minister for Economic and Commercial Affairs, and Dr. Fahad Obaid Mohamed Altaffag Almarashda, UAE Ambassador to Australia, alongside senior officials from both countries.
H.H. Sheikh Abdullah hailed the CEPA as a transformative step in the UAE’s foreign trade policy, emphasizing its role in forging stronger ties on a global scale. “The signing of a Comprehensive Economic Partnership Agreement between the UAE and Australia is a clear demonstration of our desire to build bridges of cooperation and mutual benefit across the globe,” he stated. “Australia has long been an economic partner and trusted friend, with well-established links across trade, culture, and sport. This agreement will deepen these bonds and create greater opportunities for our businesses to collaborate and grow.”
The UAE-Australia CEPA also marks Australia’s first trade agreement with a Middle Eastern nation, adding a pivotal dimension to the UAE’s expanding CEPA programme. With bilateral non-oil trade already reaching US$2.3 billion in the first half of 2024—a 10.1 percent increase from H1 2023—the UAE is Australia’s leading trade partner in the Middle East and its 20th largest globally. The two countries have so far committed a combined US$14 billion to each other’s economies, supporting over 300 Australian businesses in the UAE in sectors ranging from construction and financial services to agriculture and education.
In addition to trade expansion, the CEPA emphasizes collaboration in sustainable practices and social progress, including chapters on environmental conservation, women empowerment, sustainable agriculture, and animal welfare.
The high-level UAE delegation’s visit also saw the signing of six additional agreements aimed at furthering the economic partnership. These included an Agreement to Promote and Protect Investments and five Investment Cooperation Memoranda of Understanding (MoUs), designed to enhance two-way investment in critical sectors such as Green and Renewable Energy, Infrastructure Development, Data Centres and AI Projects, Minerals and Mining, and Food and Agriculture.
The UAE’s CEPA programme, a cornerstone of its national growth strategy, targets US$1 trillion in total trade by 2031 and aims to double the economy to surpass US$800 billion by 2030. Launched in September 2021, the CEPA programme now encompasses strategic agreements across regions such as the Middle East, Africa, Southeast Asia, South America, and Eastern Europe, engaging nearly a quarter of the global population.
