HH Sheikh Abdullah bin Zayed Al Nahyan, the Deputy Prime Minister and Minister of Foreign Affairs of the UAE, alongside Penny Wong, the Australian Minister of Foreign Affairs, witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Australia. This agreement signifies a new era in bilateral relations, focusing on increasing trade, promoting private sector partnerships, and facilitating investment flows.
The signing occurred during Sheikh Abdullah’s working visit to Canberra, with Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Don Farrell, Australia’s Minister for Trade and Tourism, putting pen to paper. The event was also attended by various officials, including the UAE Ambassador to Australia.
Once ratified, this CEPA will become Australia’s first trade agreement with a country in the MENA region and is anticipated to elevate non-oil trade between the two nations to over US$15 billion by 2032—a threefold increase from US$4.23 billion in 2023. Sheikh Abdullah emphasized this agreement as a significant milestone that strengthens economic ties and cooperation in areas including the environment, women’s empowerment, and sustainable practices.
Additionally, six other agreements were signed during the UAE delegation’s visit, reinforcing investment cooperation in priority sectors. The CEPA is a crucial element of the UAE’s growth strategy, targeting US$1 trillion in trade value by 2031.