Stronger trade ties with the United Arab Emirates through the signing of the Australia-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) will underpin greater economic opportunities for Australian exporters, the Business Council says.
Business Council of Australia Chief Executive Bran Black said the CEPA trade deal would be critical in growing two-way trade with one of the fastest growing regions in the world.
"This agreement is an important step for businesses and exporters wanting to diversify into high growth regions like the Middle East," Mr Black said.
"The UAE is Australia's largest trading and investment partner in the Middle East, with two-way trade at the end of 2023 sitting at $9.9 billion. That figure will be supercharged under the CEPA, particularly for agricultural products and commodities linked to our global effort to decarbonise."
The CEPA represents a deal that will wipe away 99 per cent of tariffs on Australian exports to the UAE, which will help give Australian businesses a competitive edge in the region.
Mr Black welcomed the Council of Investment arrangement as part of the CEPA, which will assist in delivering greater investment cooperation and identifying new areas of growth.
"Greater trade is important for Australia's economic success as one in four jobs are linked to the export sector," Mr Black said.
"The Council of Investment as part of this agreement will assist in finding future opportunities to grow the trading relationship, especially in sectors linked to clean energy, infrastructure, technology and artificial intelligence."
"Digital trade rules between the two nations will also assist in making sure we have an ecommerce system that can flourish and that the CEPA is fit for a digitising economy."
The Business Council also leads a number of ongoing bilateral dialogues to strengthen two-way trade. These include the Australia-India CEO Forum, the Australia-China CEO Roundtable and the Australia New Zealand Leadership Forum.
