The UAE and Australia have finalized negotiations for a Comprehensive Economic Partnership Agreement (CEPA) aimed at enhancing trade and investment ties.
The UAE is Australia’s largest trade partner in the Middle East, with two-way trade reaching nearly USD 6.7 bln in 2023, according to the Australian Trade Ministry.
The agreement will benefit Australian exporters significantly, with over 99pct of Australian products entering the UAE tariff-free. This is expected to yield tariff savings of USD 135 mln in the first year, increasing to USD 160 mln annually once fully implemented.
UAE Minister of Foreign Trade Thani Al Zeyoudi announced that the CEPA terms are agreed upon, marking a new era of cooperation.
The deal is anticipated to take effect later this year. Key Australian exports to the UAE include alumina, meat, dairy, oil seeds, seafood, steel, canola seeds, nuts, honey, coal, chickpeas, lentils, and higher education.
