Australia and the UAE finalise landmark trade agreement, boosting economic ties
Australia and the UAE concluded the Comprehensive Economic Partnership Agreement (CEPA) on 17 September 2024 to strengthen trade ties and enhance opportunities for Australian exporters and investors.
By Ro Elvinia
The agreement aims to create new opportunities for Australian businesses looking to invest and export goods to the Middle East and positions the UAE as a central hub for Australian trade. The Hon Christopher Pyne, Australia Co-Chair of the Australia UAE Business Council, called it a “game changer”, noting its potential to open the UAE market to Australian products and services while increasing investment flows.
CEPA will eliminate tariffs on 99% of Australian exports, benefiting key industries such as agriculture, technology and renewable energy. Two-way trade and investment between the countries reached $30.5 billion in 2023, showing the strong economic ties already in place.
This CEPA also offers a wealth of opportunities for Emirati businesses looking to enter the Australian market or strengthen their operations with support from the UAE's dynamic business environment. The CEPA will enhance trade flows and create new opportunities for international collaboration.
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Sources:
Australia UAE Business Council. "Australia UAE Business Council Welcomes Historic Trade Agreement." Accessed September 20, 2024. https://ausuaebc.com/media/australia-uae-business-council-welcomes-historic-trade-agreement.
Department of Foreign Affairs and Trade. "Australia-UAE Comprehensive Economic Partnership Agreement (CEPA)." Accessed September 20, 2024. https://www.dfat.gov.au/trade/agreements/negotiations/australia-uae-comprehensive-economic-partnership-agreement-cepa.
Published: 3rd Oct 2024 | Last updated: 3rd Oct 2024