Australia-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) now signed

On 6 November 2024 the Australian Government announced that Australia and the United Arab Emirates (UAE) had signed the CEPA, opening a gateway for Australian exporters to diversify into the Middle East, a market of approximately 58 million consumers with a combined GDP of A$1.4 trillion.

This trade agreement signals another step in the relationship with Australia’s, and Victoria’s largest trade partner in the Middle East region. Victorian exports to the UAE are worth A$780 million and have grown by 59% since 2018-19 and our two-way trade relationship with the UAE is worth A$1.6 billion.

Key Victorian merchandise exports to the UAE include meat, oil seeds, vegetables, wheat, vehicle parts and accessories and telecom equipment and parts. In good news for Victorian exporters, once the CEPA enters-into-force, over 99% of Australian products will enter the UAE tariff free, resulting in estimated tariff savings of A$135 million in the first year, rising to A$160 million per year once the agreement is fully implemented. For food and agriculture exports there will be estimated tariff savings of A$50 million per year.

The CEPA is also Australia's first trade agreement with a dedicated chapter covering First Nations trade. First Nations businesses seeking to export their goods to the UAE will benefit from preferential market access and rules under the agreement. The CEPA will enter-into-force in accordance with Australia’s domestic treaty making process.

To stay up to date on this process and for further information about the benefits for Australian exporters under the CEPA please visit DFAT’s Australia-UAE CEPA website.

Spotlight on waste industry and circular economy as Saudi Arabian delegation travels to Melbourne for Waste Expo Australia

In October, Global Victoria welcomed a delegation of officials from various Saudi Arabian government entities responsible for the Kingdom’s waste sector including the National Centre for Waste Management, the Saudi Investment Recycling Company and the Ministry of Municipal Rural Affairs and Housing.

Working in collaboration with Austrade Riyadh, Global Victoria designed and delivered a program around the Waste Expo Australia focused on sharing insights and learnings in both Victoria and Saudi Arabia on the transition to a circular economy. The program included site visits in both Melbourne and northern Victoria showcasing innovative Victorian expertise across metro and regional areas.