HH Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, alongside Penny Wong, Australian Minister of Foreign Affairs, witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Australia. This pivotal deal aims to enhance bilateral relations by increasing trade, promoting private sector collaboration, and facilitating investment flows.
The ceremony took place during Sheikh Abdullah’s working visit to Canberra and was signed by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Don Farrell, Australian Minister for Trade and Tourism. Notably, once ratified, this will mark Australia’s first trade agreement with a country in the Middle East and North Africa region, significantly contributing to the UAE’s CEPA program.
The agreement is projected to boost bilateral non-oil trade to over $15 billion by 2032, tripling the $4.23 billion recorded in 2023. Sheikh Abdullah highlighted the CEPA as part of a broader foreign trade strategy yielding substantial rewards. The UAE is Australia’s primary trade partner in the Middle East, with $2.3 billion in non-oil trade during the first half of 2024, marking a 101% increase from the previous year.
This agreement features chapters focused on environmental cooperation, women’s empowerment, sustainable agriculture, and animal welfare, alongside six other agreements promoting investments in critical sectors.
