2LT National News

ABU DHABI, 28th August, 2025 (WAM) — Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, met with the Australian Business Council in the UAE to discuss how the private sector can effectively leverage the opportunities of their Comprehensive Economic Partnership Agreement (CEPA). The meeting underscores ongoing efforts to maximize the benefits of the CEPA signed in November last year and further enhance collaboration between the two nations.

During the meeting, Dr. Al Zeyoudi emphasised the significance of Australia as a key trading partner, noting that the UAE’s non-oil foreign trade with Australia exceeded US$4.2 billion in 2024. In the first half of 2025, this figure increased to US$3.03 billion, reflecting a significant year-on-year increase of 33.4%.

Al Zeyoudi reiterated the UAE’s commitment to strengthening economic ties with Australia, paving the way for mutual growth and prosperity in the coming years. “The UAE is Australia’s leading trade and investment partner in the Middle East and its 20th largest partner globally,” Al Zeyoudi stated. “Today’s discussions focused on how our private sectors can build on our strong ties to fully leverage the CEPA and further enhance bilateral trade and investment.”

“When the CEPA comes into force, we aim to create a range of opportunities for our respective businesses, investors, and entrepreneurs,” Al Zeyoudi noted. “By removing or reducing tariffs, lifting barriers to trade, and enhancing market access, we have the potential to boost our trade threefold – from US$4.2 billion in 2024 to US$10 billion by 2032.”

The CEPA, which represents Australia’s first trade agreement with a country in the Middle East and North Africa region, is an important addition to the UAE’s foreign trade strategy and global reach. With over 300 Australian businesses operating in the UAE across various sectors including construction, financial services, agriculture and education, the potential for growth is substantial.

The UAE has also signed an investment protection agreement and five memorandums of understanding accelerating capital flow into key sectors, including renewable energy, infrastructure, AI, mining, and agriculture. Australia exports a diverse array of products to the UAE, such as alumina, coal, steel, meat, dairy, and seafood.

The UAE’s CEPA programme is a key pillar of the nation’s growth strategy, which targets US$1.1 trillion in total non-oil trade value by 2031 and aims to surpass Doubling the value of our exports to US$800 billion. To date, agreements implemented in the program span the Middle East, Africa, Southeast Asia, South America, and Eastern Europe and encompass almost a quarter of the world’s population. The UAE-Australia CEPA is currently being ratified by both sides.