UAE, Australia successfully complete Comprehensive Economic Partnership Agreement talks

The UAE and Australia have successfully completed the talks aimed at reaching a comprehensive economic partnership agreement between the two friendly countries, and have reached its final terms, in preparation for its official signing at a later time.

The two countries announced the conclusion of the Comprehensive Economic Partnership Agreement talks today, during a video conference meeting between His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and His Excellency Don Farrell, Australian Minister for Trade and Tourism.

This partnership is Australia’s first trade agreement with a country in the Middle East and North Africa region.

The agreement contributes to stimulating non-oil inter-trade flows, by simplifying trade procedures, eliminating customs duties on a wide range of goods and services, creating new investment opportunities, and encouraging cooperation and building partnerships between the business and private sectors on both sides, with a focus on priority sectors.

“Australia is a strategic trading partner of the UAE, and there is a mutual desire to advance relations to broader levels. The Comprehensive Economic Partnership Agreement will open up significant opportunities for UAE companies, and provide Australian companies with a gateway to new markets across the Middle East and North Africa,” said His Excellency Dr. Thani bin Ahmed Al Zeyoudi.

His Excellency added that reaching the final terms of the agreement, and the prospects it will open for the growth and expansion of the business communities in the two countries, reflects the UAE’s commitment to building constructive relations with key partners and expanding the scope of our trade network to include important regions such as the Asia-Pacific region.

For his part, the Honourable Don Farrell, Australian Minister for Trade and Tourism, said: “As a trading nation, we are committed to opening up new opportunities for Australian exporters, farmers, producers and businesses.

He explained that under the agreement, Australian exports are expected to increase by US$460 million annually, noting that this agreement means more to Australia than just numbers, and will stimulate the flow of investment in priority sectors, which is important to achieving our ambition to become a major global player in the field of renewable energy.

The UAE-Australia Comprehensive Economic Partnership Agreement talks started from a solid foundation of trade and investment relations between the two countries, with the volume of non-oil bilateral trade reaching $2.3 billion in the first half of 2024, an increase of 10% compared to the first half of 2023.

The UAE is Australia’s main trading partner in the Middle East and its 20th largest trading partner in the world.

Foreign trade is a key pillar of the UAE’s economic agenda. In 2023, the UAE’s non-oil trade reached its highest level ever, according to final figures, at $712 billion, an increase of 14.3% over 2022, and 36.8% over 2021.

The Comprehensive Economic Partnership Agreement with Australia is an important addition to the UAE’s foreign trade network, helping non-oil foreign trade achieve its target of AED 4 trillion ($1.1 trillion) by 2031.