UAE-Australia CEPA to usher in a fresh chapter in bilateral relations and trade

HH Sheikh Abdullah bin Zayed, UAE’s Deputy Prime Minister and Foreign Minister, is in Canberra on a high-profile trip. The accompanying delegation also includes Dr Thani al-Zeyoudi, Minister of State for Foreign Trade, and other officials.

His Highness attended the signing of a comprehensive economic partnership agreement on November 6. Dr al-Zeyoudi and Don Farrell, the Minister of Trade and Tourism in Australia, signed the landmark agreement to bolster bilateral relations and trade connections.

UAE-Australia CEPA to help deepen bilateral cooperation

Once ratified, the CEPA is going to be Canberra’s first trade agreement involving a country in the Mena region. The deal also represents an important addition to the UAE’s CEPA programme – a major pillar of the Gulf state’s development strategy.

The economic agreement is expected to propel bilateral non-oil trade to more than $15 billion by 2032 – a threefold increase on the $4.23 billion recorded last year. The deal demonstrates the UAE’s desire to build bridges of cooperation and mutual benefit across the globe.

The Emirati Foreign Minister also noted during the trip that Canberra has long been an economic partner and trusted friend of the UAE, sharing strong partnerships across culture, trade and sport. The CEPA is going to help deepen collaboration.

The UAE is Australia’s leading trade partner in the Middle East and its 20th largest partner globally. By 2023, the countries had committed a combined $14 billion to each other’s economies, according to a statement by the UAE Foreign Ministry.

Six further agreements inked during UAE delegation’s trip

Importantly, the CEPA signed recently features dedicated chapters to enhance bilateral cooperation in areas such as the environment, sustainable agriculture and food systems. The UAE programme targets $1 trillion in total trade by 2031.

Besides the comprehensive economic partnership agreement, six further deals have also been inked during the high-level UAE delegation’s trip, significantly bolstering bilateral partnership. MoUs have been signed for better collaboration in sectors of national priority.