HH Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs of the UAE, and Penny Wong, Australia’s Foreign Minister, attended the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Australia. This agreement, reached during Sheikh Abdullah’s visit to Canberra, seeks to enhance bilateral relations by increasing trade, promoting private sector collaboration, and facilitating investment flows.
Signed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade in the UAE, and Don Farrell, Australia’s Minister for Trade and Tourism, the CEPA represents Australia’s first trade agreement with a country in the Middle East and North Africa. Upon ratification, it is expected to boost non-oil bilateral trade to over $15 billion by 2032, tripling the $4.23 billion recorded in 2023.
Sheikh Abdullah emphasized the CEPA as a significant milestone in the UAE’s foreign trade strategy, aiming at fostering cooperation and mutual benefits. The UAE remains Australia’s primary trade partner in the Middle East, with non-oil trade reaching $2.3 billion in the first half of 2024, up 101% from the previous year. The CEPA also includes chapters on the environment, women’s empowerment, and sustainable agriculture. Alongside the CEPA, additional agreements promoting investment and cooperation in various sectors were also signed during the visit.
