Today Australia and the United Arab Emirates (UAE) finalised the much-awaited elevation of our trade relationship with the signing of our Comprehensive Economic Partnership Agreement.
To mark this important event, I was joined by the Minister for Foreign Trade, His Excellency Dr. Thani bin Ahmed Al Zeyoudi in Canberra, to officially sign our new trade agreement.
Alongside the Comprehensive Economic Partnership Agreement, we also signed an Investment Agreement and five Investment Memoranda of Understanding.
Our deal delivers for Australian farmers, producers, manufacturers, services providers, exporters and Australian workers, giving them unprecedented access and preferential treatment when they do business with the UAE.
The UAE is already Australia's largest trade and investment partner in the Middle East with over $9.9 billion in two-way trade and $20.7 billion in two-way investment in 2023. This new trade and investment package will strengthen these relationships and provide a platform for growth in critical sectors of our economy.
The trade agreement will eliminate tariffs on over 99 per cent of Australia's exports to the UAE, making this the most liberalising trade agreement the UAE has signed to date.
Independent modelling estimates a potential annual increase in Australian goods exports to the UAE of around $678 million.
The agreement will create greater certainty for Australian services providers in over 120 sectors such as professional services, financial services and education wanting to do business in the UAE, who will benefit from clearer transparency in the way the industry is regulated.
This agreement will also strengthen cooperation for Australia and the UAE to address shared environmental challenges, including commitments to work together on transitioning to net zero, addressing climate change, promoting the circular economy, reducing pollution, improving air quality, and preventing overfishing and illegal wildlife trade.
Investment provisions will provide a framework to support an increase in two-way investment. Importantly, the Australian Government's right to regulate is protected, which means an Investor-State Dispute Settlement (ISDS) mechanism is not included in the package of outcomes.
Additional commitments for anti-corruption and transparency, digital trade and skilled labour mobility, as well as outcomes on intellectual property will mean Australian enterprises of all sizes can confidently do business with the UAE. The package also includes cooperation and exchange of information to advance women's economic empowerment in trade and investment.
Importantly, for the first time in our history, this agreement also includes a standalone chapter covering First Nations trade. The chapter will give First Nations businesses seeking to export their goods to the UAE preferential market access which will result in meaningful new commercial opportunities for First Nations businesses.
Details on the full package and independent modelling as well as key benefits to Australia are published on the DFAT website.
