Historic Trade Partnership Talks Launched by UAE and Australia

 

The United Arab Emirates and Australia embarked on a significant journey by initiating negotiations for a Comprehensive Economic Partnership Agreement. It marks the first trade deal that Australia is making with a country in the MENA region, especially since the two countries are placing increasingly strong importance on bilateral ties. The announcement comes at a time when the two-way non-oil trade is growing, reaching $4.5 billion in 2022-an impressive leap of 28% from the previous year.

According to him, new business opportunities may be expected in those sectors or industries, of which the country includes logistics, food, tourism, renewable energy, as well as mining. With more than 300 Australian companies already set up in the UAE, the deal further aims at opening up supplementary market access besides inter-sector investments within growth sectors such as health, IT, and real estate fields he claimed.

Along with its Comprehensive Economic Partnerships Programme initiated in September 2021, the UAE aims to achieve a doubled non-oil trade value of AED 4 trillion by 2031. The much-hoped-for CEPA will carry it out to achieve its dream and increase the both countries' influence in the international market. The partnership is expected to create economic ties and will benefit further investments between the countries in the future. Meanwhile, both countries negotiate such an alliance, the hope of mutual prosperity and economic development that might occur in the future continues to be perceived.