UAE and Australia Sign CEPA to Triple Trade and Reach $15bn by 2032

UAE, 7 November, 2024 : The UAE and Australia have signed a Comprehensive Economic Partnership Agreement (CEPA) to enhance trade and investment between the two nations. The deal aims to triple trade, increasing it from $4.23 billion in 2023 to $15 billion by 2032. 

Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, highlighted that the agreement will remove tariffs, lift trade barriers, and improve market access for businesses, investors, and entrepreneurs. Along with the CEPA, the UAE also signed an investment protection agreement and five other agreements to accelerate capital flow into sectors like renewable energy, AI, and infrastructure.

Bilateral non-oil trade between the two countries reached $2.3 billion in the first half of 2024, marking a 10% increase from the previous year. Australia’s exports to the UAE include alumina, coal, meat, and seafood, while the agreement is expected to reduce tariffs on UAE-produced goods like furniture and copper wire.

The agreement was signed by Dr. Al Zeyoudi and Australian Minister for Trade and Tourism Don Farrell in Canberra, in the presence of Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, and Australian Foreign Minister Penny Wong.

The CEPA follows a series of agreements by the UAE to strengthen its trade ties globally. The UAE has set a goal to sign 26 CEPA agreements by 2030, with deals already in place with countries like India, Turkey, and South Korea. The UAE’s non-oil foreign trade hit a record $381.21 billion in the first half of 2024, driven by the expansion of CEPA agreements.

Source : www.thenationalnews.com