07 Dec Australia and UAE sign comprehensive economic agreement
Australia and the United Arab Emirates (UAE) have finalised the highly anticipated Comprehensive Economic Partnership Agreement (CEPA), representing a significant milestone in the strengthening of the trade relationship.
This agreement provides Australian farmers, producers, manufacturers, service providers, exporters, and workers with unprecedented access and preferential treatment in the UAE market.
Whilst the UAE is already Australia’s largest trade and investment partner in the Middle East, with bilateral trade exceeding $9.9 billion and investment totalling $20.7 billion in 2023, this new deal will further bolster these ties and drive growth across key sectors of the Australian economy.
This CEPA gives Australian exporters a competitive advantage as it provides access to services markets, as well as a framework to facilitate investment that supports Australia’s energy transition and Future Made in Australia ambitions.
Under the CEPA, tariffs will be eliminated on over 99% of Australian exports to the UAE, making it the most liberalising trade agreement the UAE has signed. Independent forecasts suggest Australian goods exports to the UAE could increase by $678 million annually.
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