UAE and Australia Initiate CEPA talks to enhance trade relations

•  UAE aims to strengthen trade agreements with other countries.
•  In 2022, non-oil trade between the UAE and Australia reached $4.5 billion, a 28% increase from 2021.
• We expect the CEPA to facilitate investments in high-growth sectors like real estate.

Commencing the Comprehensive Economic Partnership Agreement (CEPA) talks, the UAE aims to strengthen trade agreements with other countries. This week, Australian Foreign Minister Penny Wong will visit Jordan, Israel, Palestine, and the UAE to engage in discussions on the economic and geopolitical challenges facing the region.

“My visit to the UAE will reaffirm our close friendship and welcome the commencement of negotiations on a Comprehensive Economic Partnership Agreement. The UAE is an important partner that plays a key role in regional security,” Wong said as she left for the Middle East region’s visit on Monday.

The UAE has signed CEPA with several countries and trading partners, such as India, Indonesia, and Turkey, aiming to double non-oil foreign trade to Dh4 trillion by 2031. In the first half of last year, UAE’s trade exceeded the $337 billion mark, experiencing a growth of 14.4 percent compared to the same period in the previous year.

In 2022, non-oil trade between the UAE and Australia reached $4.5 billion, marking a 28 percent increase compared to 2021 and nearly double the total recorded in 2020. During that year, the UAE emerged as Australia’s leading trade partner in the Middle East and its 19th-largest export destination globally.

Key sectors in which over 300 businesses operate in the UAE include building, construction, financial services, agricultural supplies, and training services. We anticipate the CEPA between the UAE and Australia to facilitate advancements in two-way investments in high-growth sectors, including real estate, healthcare, technology, and logistics.

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