COP28: Uniting for a Sustainable Future.

The UAE and Australia have successfully concluded negotiations on a landmark Comprehensive Economic Partnership Agreement (CEPA), marking Australia’s first trade deal with a nation in the MENA region. Once ratified and implemented, the UAE-Australia CEPA will streamline trade processes, eliminate tariffs on a wide array of goods and services, foster new investment opportunities, and promote private-sector collaboration in priority sectors. These negotiations reflect the strengthening economic ties between the UAE and Australia, with bilateral non-oil trade reaching US$2.3 billion in the first half of 2024—a 10 percent increase from the same period in 2023. The UAE stands as Australia’s primary trade partner in the Middle East and its 20th largest partner globally. As of 2023, both countries have committed a combined $14 billion to each other’s economies, with over 300 Australian businesses active in the UAE across sectors such as construction, financial services, agriculture, and education. Following the conclusion of negotiations, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, remarked, “With our robust economic, social, and cultural connections, Australia has long been an esteemed partner for the UAE. This CEPA will unlock substantial opportunities for UAE businesses while providing Australian companies access to new markets throughout the MENA region. I eagerly anticipate working with my Australian counterpart to expedite the ratification of the CEPA and realize its benefits. This milestone not only underscores our commitment to nurturing strong relations with key partners but also to expanding our trading network into vital regions like Asia-Pacific.” Australia’s Minister for Trade and Tourism, Don Farrell, emphasized, “As a trading nation, we are dedicated to creating new opportunities for our exporters, farmers, producers, and businesses. This trade agreement is projected to boost Australian exports by $460 million annually; however, it signifies more than mere figures. A trade agreement with the UAE will facilitate investments in critical sectors, crucial for our goal of becoming a renewable energy superpower.”

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