Advertisement
Advertisement
Advertisement
Advertisement
UAE and Australia Initiate CEPA talks to enhance trade relations

UAE and Australia Initiate CEPA talks to enhance trade relations

UAE and Australia Initiate CEPA talks to enhance trade relations

UAE and Australia Initiate CEPA talks to enhance trade relations

Advertisement
  •  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.
Advertisement

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.

Also Read

UAE: 3-year-old girl sets record by becoming youngest writer in the world
UAE: 3-year-old girl sets record by becoming youngest writer in the world

Three-year-old Emirati girl AlMaha Rashed has set a world record by publishing...

Advertisement
Advertisement
Read More News On

Catch all the International News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article
Advertisement
In The Spotlight Popular from Pakistan Entertainment
Advertisement

Next Story