Page 453 - MOE ENGLISH PR REPORT- NOVEMBER 2024

11/12/24, 12:02 PM UAE and Australia sign Cepa deal to boost trade to $15bn by 2032 | The National
UAE and Australia sign Cepa deal to boost trade to $15bn by 2032

The countries aim to increase bilateral trade threefold

Alkesh Sharma
November 06, 2024

The UAE and Australia have signed a comprehensive economic partnership agreement

(Cepa) to enhance trade flow and boost investment between the two countries.

The deal will “create a range of opportunities for our respective businesses, investors and

entrepreneurs”, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, wrote in a post

on X.

“By removing or reducing tariffs, lifting barriers to trade and enhancing market access, we

now have the potential to boost our trade threefold – from $4.23 billion in 2023 to $15

billion by 2032,” Dr Al Zeyoudi said.

After the signing, the UAE delegation also signed an investment protection agreement and

five initial agreements aimed at accelerating capital flow into key sectors, including

renewable energy, infrastructure, AI, mining and agriculture.

Bilateral non-oil trade between the countries reached $2.3 billion in the first half of 2024,
an increase of 10 per cent compared to the same period last year, according to official

figures

Australia exports many products to the UAE, including alumina, coal, steel, meat, dairy,

oil seeds, seafood, canola seeds, nuts and honey. The agreement is also expected to cut

Australian import tariffs on UAE-produced furniture, copper wire, glass containers and

plastic.

The deal was signed by Dr Al Zeyoudi and Australian Minister of Trade and Tourism Don

Farrell in Canberra. It was witnessed by Sheikh Abdullah bin Zayed, Deputy Prime

https://www.thenationalnews.com/business/economy/2024/11/06/uae-and-australia-sign-cepa-deal-to-boost-trade-to-15bn-by-2032/ 1/4