Abullah bin Zayed, Australian Foreign Minister attend CEPA signing

H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, and Penny Wong, Australian Minister of Foreign Affairs, contiguous attended the signing of a Comprehensive Economic Partnership Agreement (CEPA) betwixt the UAE and Australia.

The statement marks a caller section successful bilateral relations aimed astatine expanding trade, promoting private-sector collaboration, and facilitating concern flows.

The signing took spot during Sheikh Abdullah’s moving sojourn to Canberra. The statement was signed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Don Farrell, Australian Minister for Trade and Tourism.

The signing ceremonial was attended by Saeed Mubarak Al Hajri, Assistant Minister for Economic and Commercial Affairs, and Dr. Fahad Obaid Mohamed Altaffag Almarashda, UAE Ambassador to Australia, arsenic good arsenic officials from some countries.

Once ratified, the woody volition beryllium Australia’s archetypal commercialized statement with a state successful the Middle East and North Africa portion and correspond an important summation to the UAE’s CEPA programme. The woody is expected to propel bilateral non-oil commercialized to implicit US$15 cardinal by the twelvemonth 2032 – a threefold summation connected the US$4.23 cardinal recorded successful 2023.

His Highness Sheikh Abdullah said the CEPA was the latest milestone successful a overseas commercialized argumentation that is reaping sizeable rewards. “The signing of a Comprehensive Economic Partnership Agreement betwixt the UAE and Australia is simply a wide objection of our tendency to physique bridges of practice and communal payment crossed the globe."

"Australia has agelong been an economical spouse and trusted friend, with well-established links crossed trade, civilization and sport, and this statement volition deepen these bonds and make greater accidental for our businesses to collaborate and grow,” His Highness commented.

The UAE-Australia statement builds connected increasing economical relations betwixt the 2 countries, with bilateral non-oil commercialized reaching US$2.3 cardinal successful the archetypal fractional of 2024, an summation of 10.1 percent from H1 2023.

The UAE is Australia’s starring commercialized spouse successful the Middle East and its 20th largest spouse globally. As of 2023, the 2 countries person besides committed a combined US$14 cardinal to each other’s economies, with much than 300 Australian businesses operating successful the UAE successful sectors specified arsenic construction, fiscal services, agriculture, and education.

Importantly, this CEPA features dedicated chapters to heighten practice betwixt the UAE and Australia connected areas specified arsenic the environment, women empowerment, sustainable agriculture and nutrient systems, and carnal welfare.

In summation to the CEPA, six further agreements were signed during the high-level UAE delegation’s sojourn to Australia, strengthening the concern betwixt the 2 nations. These included an Agreement to Promote and Protect Investments betwixt the UAE and Australia, and 5 Investment Cooperation memoranda of knowing (MoUs) to facilitate and beforehand two-way concern successful sectors of nationalist precedence including Green and Renewable Energy, Infrastructure and Development, Data Centres and Artificial Intelligence Projects, Minerals and Mining, and Food and Agriculture.

The UAE’s CEPA programme is simply a cardinal pillar of the nation’s maturation strategy, which targets US$1 trillion successful full commercialized worth by 2031 and aims to treble the size of the wider system to surpass US$800 cardinal by 2030.

To date, agreements implemented successful the programme, which was launched successful September 2021, span the Middle East, Africa, Southeast Asia, South America, and Eastern Europe and encompass astir a 4th of the world’s population.

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