The Australia - UAE Comprehensive Economic Partnership Agreement (CEPA) has been signed today, with the Minister for Agriculture, Fisheries and Forestry, Julie Collins, signing the accompanying Memorandum of Understanding (MoU) on Investment Cooperation in Food and Agriculture.
The MoU will promote investment in supply chains for agriculture and food exports and projects that enable producers and processors to diversify and create value-added products.
Under the MoU, Australia and the UAE will encourage and facilitate investment for projects that support sustainable agriculture and food production through best practice land management, greenhouse gas emissions reduction and the development of climate-smart technologies and practices.
CEPA is a major landmark in trade relations with the UAE, eliminating tariffs on over 99 per cent of Australia's exports by value, including significant agricultural goods such as meat, dairy, grains and oilseeds, pulses, horticulture and honey, as well as reduced tariffs on wine.
Tariff savings alone are estimated to be worth over $50 million annually to Australian agriculture and food exporters.
CEPA is another example of the Albanese Labor Government delivering on market diversification for our agriculture exports. CEPA will greatly benefit Australian farmers and agricultural producers who will enjoy enhanced access to the UAE's growing market for premium food and agricultural products.
Quotes attributable to Minister for Agriculture, Fisheries and Forestry, Julie Collins MP:
"The Australia-UAE FTA delivered by the Albanese Labor Government is an excellent outcome for the Australian agriculture, fisheries and forestry sector, saving industry $50 million a year.
"It further enhances market access and diversification opportunities for our producers to a lucrative market, not only in the UAE but across the whole of the Middle East, as the UAE is an important trading hub for the region.
"I am proud to say that it is the first FTA to contain a standalone chapter on sustainable agriculture and food systems, recognising agriculture's essential role in ensuring food security, driving climate resilience, emissions reductions and other environmental outcomes. It also ensures that sustainability measures are not applied with a "one-size fits all approach" and do not create barriers to trade for our world class agricultural exports.
"I welcome both countries' agreement to work together to promote investment in food and agriculture, as well as other sectors of national priority, reflected in the investment cooperation MoUs."
