The Joint Standing Committee on Treaties has tabled a report recommending the ratification of the Comprehensive Economic Partnership Agreement between Australia and the United Arab Emirates and the Agreement between the United Arab Emirates and Australia on the Promotion and Protection of Investments.
The Comprehensive Economic Partnership Agreement (CEPA) diversifies Australia's trade network by eliminating tariffs on over 99 per cent of Australian goods exports to the United Arab Emirates (UAE). The investment agreement is an accompanying treaty that provides certainty to Australian and UAE investors.
Committee Chair, Ms Lisa Chesters MP, said 'this CEPA is Australia's first free trade agreement with the Middle East and is set to increase Australian exports by around $678 million per year. In addition to tariff removal, the two treaties provide scope for expanding Australia-UAE investment in sectors such as renewable energy, agribusiness, tourism, health and aged care, and resources.
'CEPA is a modern agreement that includes standalone chapters to promote sustainable agriculture and food systems, and trade and investment economic cooperation with First Nations people – two firsts for Australian free trade agreements.
'Some unions and NGOs have expressed concern about the UAE's labour laws. However, it is evident the promotion of labour protections was a priority in trade negotiations with the UAE. The UAE agreed, for the first time, to a dedicated chapter covering trade and labour that establishes a Dialogue on Labour to advance labour rights, including through stakeholder engagement, and promotes compliance with the International Labour Organisation. This is in addition to chapters that encourage environmental sustainability, women's economic empowerment, and improved animal welfare standards.'
The Committee supports ratification of both treaties and recommends that binding treaty action be taken.
The report also contains the Committee's consideration of three minor treaty actions:
- 2023 Amendments to Annexes A and B of the Minamata Convention on Mercury
- 2024 Amendment to Annex I of the International Convention against Doping in Sport
- Amendment to Appendix III of the Convention on International Trade in Endangered Species of Wild Fauna and Flora.
The report can be found on the Committee website
