UAE, 18 September, 2024 : The UAE and Australia have concluded negotiations on a landmark Comprehensive Economic Partnership Agreement (CEPA), marking Australia's first trade deal with a MENA country. The CEPA will eliminate tariffs on a wide range of goods and services, streamline trade, boost investment opportunities, and encourage collaboration in key sectors.
Bilateral non-oil trade between the two nations reached $2.3 billion in H1 2024, up 10% from 2023. With over 300 Australian businesses operating in the UAE, this agreement is expected to strengthen ties and create new market opportunities.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, highlighted the CEPA's potential to enhance trade with the Asia-Pacific region. Australian Minister for Trade Don Farrell emphasized the agreement's role in increasing exports and supporting Australia’s renewable energy goals.
The UAE’s non-oil trade hit a record $712 billion in 2023, and the CEPA is set to further expand the UAE’s foreign trade network, aiming to reach $1.1 trillion by 2031.
Source : www.wam.ae
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