HH Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs of the UAE, alongside Penny Wong, the Australian Minister of Foreign Affairs, attended the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Australia. This agreement is intended to enhance bilateral relations by increasing trade, fostering private sector collaboration, 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, signing the deal.
Once ratified, this will be Australia’s first trade agreement with a country in the MENA region and a notable addition to the UAE’s CEPA program. The deal is projected to increase bilateral non-oil trade to over $15 billion by 2032, a significant rise from $423 billion in 2023. Sheikh Abdullah emphasized that the CEPA showcases a commitment to fostering cooperation and mutual benefit globally. The UAE and Australia have seen bilateral non-oil trade reach $2.3 billion in H1 2024, up 10.1% from H1 2023.
The CEPA includes dedicated chapters for cooperation in areas such as environmental issues, women’s empowerment, sustainable agriculture, and animal welfare. Additionally, six other agreements were signed to promote and protect investment, covering sectors like renewable energy, infrastructure, and agriculture. This CEPA aligns with the UAE’s growth strategy, targeting $1 trillion in total trade by 2031.
